Solana (SOL) has been one of the few bright spots in the cryptocurrency market over the past few days.
While major altcoins fell, SOL recorded gains of more than 4% and is currently trading above $102.
In this article, we take a closer look at Solana’s recent price action and discuss whether it is too late for investors to get in on the token’s rally.
Solana Price Action Overcomes Crypto Market Weakness
SOL’s 4% gain makes it one of the best-performing traditional altcoins of the week, ahead of rivals such as XRP (XRP) and Cardano (ADA).
The token is up 8% over the past seven days. This figure even surpasses the growth of Ethereum (ETH) over the same period.
Volume has increased by 37% since yesterday, putting SOL in 6th place.Day The most traded cryptocurrency worldwide.
This bullish rally is at odds with the bearish sentiment in the broader cryptocurrency market following the launch of the spot Bitcoin ETF two weeks ago.
The launch of these ETFs was supposed to be a positive catalyst for investors, but the response so far has been disappointing.
Bitcoin plummeted to $42,600, while most altcoins struggled to stay in the green.
However, Solana rose higher this week despite the poor conditions.
Moreover, SOL appears to have rejected the $90 level as support, suggesting that there could be further upside.
Is it too late to buy SOL after the recent price rise?
As Solana continues to gain momentum amid the altcoin sell-off, investors may be wondering whether their opportunity to buy SOL at a reasonable price has passed, or if there is still upside left.
Meanwhile, SOL is up 475% since September and has already seen massive gains.
With the token price once again exceeding $100, SOL may now look expensive compared to its lows below $18 last year.
Some traders may have taken profits during this week’s surge, raising questions about whether the token was overextended.
However, when analyzing SOL’s potential, it is clear that there are still catalysts ahead that could fuel further upside.
Solana, for example, continues to see a surge in developer activity, a sign of growing adoption.
According to a recent report from the Solana Foundation, the network has over 2,500 monthly active developers, sometimes reaching as many as 3,000.
So while Solana has already had a huge run, there may still be an opportunity for investors who missed out on this week’s token rally.
What other altcoins are performing well this week?
While Solana was one of the best performers, a few other altcoins also generated positive momentum.
One such altcoin is Bitcoin Minetrix (BTCMTX), a pre-sale project that recently passed its $8.6 million funding goal.
Bitcoin Minetrix continues impressive pre-sale momentum ahead of upcoming exchange listing
While the broader market has been down recently, Bitcoin Minetrix continues to gain ground, raising hundreds of thousands of dollars this week alone.
Investors around the world have been participating in the Bitcoin Minetrix pre-sale, a limited-time event that gives them access to the native BTCMTX token at a discounted price.
As of this writing, BTCMTX tokens are offered for $0.0129. However, this price range will rise in the next phase, which is scheduled to begin in three days.
Once the Bitcoin Minetrix pre-sale ends, the developers plan to list BTCMTX on multiple exchanges to provide broader access.
Bitcoin Minetrix community members are already speculating that these listings could be the key to unlocking a massive price rise for BTCMTX.
These features are all focused on streamlining the cryptocurrency mining process through a mechanism called Stake-to-Mine, eliminating the need for expensive computing hardware.
Given that the global cryptocurrency mining market is expected to grow by nearly 8% per year between now and 2029, Bitcoin Minetrix setups may be in high demand.
For this reason, investors have been buying the BTCMTX token with anticipation, making it one of the best-performing coins on the market this week.
Potential investors can purchase BTCMTX tokens through the project’s official website using ETH, USDT, or credit/debit cards.