Here's Why Solana Price May Pump to $50 - But Fight Out Move to Earn Crypto is a More Profitable Alternative
The solana price is down by 1% today, having dropped to $21.03 in the past 24 hours. Its current level represents a 26% increase in a week and a 71% surge in the last 30 days, with the layer-one cryptocurrency compensating for some of the steep losses it incurred last year.
And with SOL benefitting from the launch of Solana-based meme token BONK, it's likely that the altcoin will continue recovering as Solana attracts more traffic. However, because this process of recovery may take some time, traders are arguably better off turning to presale tokens for short-term gains, with move-to-earn crypto Fight Out one of the most promising among them.
Here's Why Solana Price May Pump to $50
SOL's indicators continue to show strong momentum, with its relative strength index (purple) remaining close to 70, despite having a dip a few days ago. At the same time, its 30-day moving average (red) is rising up towards its 200-day average (blue), suggesting that SOL may be in the middle of a breakout to a new longer term level.
SOL is arguably due a major rally, given that it had been so heavily oversold over the past few months. This overselling was partly the product of system outages that dampened confidence in Solana, and also partly the result of the FTX collapse, with the now-bankrupt exchange having been a major supporter of the layer-one blockchain.
However, with Solana rolling out a number of updates in the second half of 2022, it now seems that it's on the path to recovery. This is highlighted by the fact that SOL's price has risen by 70% in the past month, making it one of the best-performing major coins during this period.
As the tweet above shows, Solana boasts one of the busiest development communities in the cryptocurrency ecosystem. As such, it's likely to continue growing, attracting more protocols and dapps, and boosting its total value locked in to the levels witnessed a year ago.
It's because of this that it's credible to predict big rallies for SOL later in the year. It remains 92% below its all-time high of $259.96, a figure which suggests that a medium-term target of $50 is more than feasible.
SOL last stood at $50 back in May of last year. Assuming that the global economy continues to enjoy encouraging macroeconomic news (e.g. declining inflation), and assuming that the cryptocurrency market doesn't suffer any other major collapses, SOL could return to this level by the middle of the year.
Why Fight Out Move to Earn Crypto May Be More Profitable
Of course, the downside of this is that SOL holders will have to wait for the macroeconomic picture to improve substantially before they'll witness significant gains. As such, traders looking for shorter term gains may prefer to look to alternatives, with presale tokens being possibly the best bet in what (arguably) remains a bear market.
For instance, Lucky Block (LBLOCK) saw an increase as high as 6,000% in February, compared to a sale price of $0.00015. To take another example, Tamadoge (TAMA) rose by as much as 1,800% compared to its presale price in October, when it was listed on OKX.
While these two coins have obviously finished their presales, there remain a variety of sales happening right now. One of the most promising, at least in terms of the fundamentals of the coin being sold, is Fight Out's (FGHT), an ambitious move-to-earn platform that combines real-life workouts with Web3.
Based on Ethereum, Fight Out aims to improve on earlier M2E platforms such as STEPN. That is, it will track and reward a much wider variety of workouts, including boxing, weightlifting and yoga, while also offering a range of in-app and IRL courses at its own branded gyms.
The sale for its FGHT token -- which will be used for subscriptions and to pay for workouts with trainers -- has already raised over $3 million. At the moment, 1 FGHT is on sale for $0.0166, although this price is set to increase in the next stage of the sale.
The sale will end on March 31, with FGHT receiving its first exchange listings from April 5. Investors can participate in the sale by going to its official website and connecting their Connect Wallet or MetaMask wallets.