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In the ever-evolving world of cryptocurrencies, the spotlight often shifts between different tokens, each promising potential gains and exciting developments. Two such tokens currently in the limelight are Solana (SOL) and Polygon (MATIC). This article provides an in-depth look at Solana's recent price surge and whether it could reach the much-anticipated $80 mark, followed by an analysis of Polygon's current valuation and its growth potential.
Solana's Impressive Rally: A Detailed Look
Solana, known for its fast transaction speeds and scalability, has recently witnessed a remarkable surge in the market, making it a topic of keen interest among investors. In the last 30 days, Solana's price spiked nearly 30%, climbing from $25 to around $43, signaling a robust recovery mode driven by heavy buying pressure.
Crypto analyst Pentoshi, with a significant following on Twitter, has been optimistic about Solanas trajectory. After accurately predicting Solana's rise to $42, Pentoshi suggested the potential for "turbo pumps" this month, which could push the token's value to new highs, possibly reaching $58 to $60. Furthermore, he speculated on the chances of Solana even hitting the $80 mark during this surge.
The recent performance of Solana corroborates this bullish sentiment. The decentralized exchange (DEX) volume on Solana's platform soared to a yearly peak of $466 million on November 11. Additionally, the total value locked (TVL) in Solana rose by a staggering 81% over the last month. The week preceding this saw trades worth $2.25 billion on Solana, marking a nearly 60% increase.
Polygon (MATIC) – How Undervalued is it?
Turning our focus to Polygon (MATIC), this token has also shown significant upward momentum. The price of MATIC has risen over 15%, trading near $0.85, with bulls eyeing a move toward the $1 level. This surge is backed by a strong increase above the $0.75 resistance against the US dollar, trading above the 100 simple moving average (4 hours).
Additionally, there's a key bullish trend line forming with support near $0.775 on the 4-hour chart of the MATIC/USD pair. If Polygon clears the $0.850 and $0.880 resistance levels, the rise could continue further.
After forming a base above the $0.65 level, MATIC broke several hurdles near $0.70, moving into a positive zone, much like Bitcoin and Ethereum. This movement suggests a solid breakout, with the price overcoming key resistance levels.
Moreover, Polygon's current price prediction is optimistic, with an 18.12% rise expected, reaching $1.057030 by November 19, 2023. This bullish sentiment is supported by the Fear & Greed Index, which is currently at 69 (Greed), indicating strong market confidence. Additionally, Polygon is predicted to reach as high as $3.41 by 2024, considering historical price movements and BTC halving cycles.
A Fresh Opportunity in the Crypto Space
In addition to these established cryptocurrencies, it's worth considering emerging players like Meme Moguls ($MGLS). Meme Moguls is a unique platform offering a meme-backed stock market/exchange. It provides opportunities such as a staking pool for passive income and a vibrant community for meme enthusiasts and traders. Currently valued at just $0.0021, Meme Moguls presents significant growth potential, with market experts predicting a 100x growth for $MGLS.
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Meme Moguls
View source version on newsdirect.com: https://newsdirect.com/news/will-the-solana-price-hit-80-polygon-matic-looks-undervalued-747359669
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COMTEX_444146321/2655/2023-11-28T15:54:14
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Smart Herald journalist was involved in the writing and production of this article.