Solana’s price has shown signs of a turnaround, climbing 1.33% in the past 24 hours. Despite recent corrections and consolidation, on-chain metrics suggest that the current bull market cycle is not yet at its peak. The altcoin’s trading volume has decreased by 29.50% to $1.405 million over the past 24 hours. According to CryptoQuant data, the current bull market began approximately two years ago, with the market recovery in early 2023 indicating a new bull cycle. The current cycle is about 640 days in, suggesting that it is approximately at its midpoint. Bitcoin’s halving earlier this year triggered significant price surges, setting this cycle apart.
Going forward, the fourth quarter of 2024 is expected to see explosive growth in the crypto market, with Solana standing to benefit significantly. The outcome of the upcoming US presidential election on November 5th is deemed crucial for price action, as it will shape the regulatory environment for crypto. A Solana ETF approval in the US has the potential to drive SOL’s price up 9x. In addition, the launch of two approved Brazil-based Solana ETFs is anticipated to boost price movement in Q4 2024. The Solana chart indicates a consolidation phase, with a potential price catalyst needed for renewed upside.
Meme coins are currently dominating the market, reminiscent of the 2020 bull cycle where meme coins led the charge. PlayDoge ($PLAY), a new low-cap meme coin, is capturing the attention of meme fans, gamers, and crypto enthusiasts. Unlike other meme coins, PlayDoge focuses on gaming utility, offering a play-to-earn Tamagotchi-style virtual pet experience. PlayDoge allows players to earn rewards by nurturing their pets and taking them on adventures. The presale price of $0.00531 presents an opportunity for investors to benefit from a 74% APY. The unique concept and gaming utility of PlayDoge have attracted over $6M in presale investments.
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