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Solana’s native SOL token has seen an 8% jump from yesterday’s low, taking price back above the $70 level. This comes amid rising network activity and transactions on the blockchain, helping push Solana’s market cap back above $30.5 billion. Meanwhile, the new altcoin Bitcoin Minetrix (BTCMTX) continues to gain ground in its viral presale phase, with many experts speculating it could pump after listing on mainstream exchanges.
Solana rebounds as metrics point to renewed interest
After a rocky 24 hours, Solana appears to be swiftly rebounding.
SOL is up to $72.10, propelling Solana to the number six spot by market capitalization.
This recovery has been fueled by a marked increase in trading volumes.
Over $2.8 billion worth of SOL was traded globally in the past day alone – a sizable jump from Dec. 10.
Additionally, Solana’s volume-to-market cap ratio has surged to 9.40%, pointing to increasing investor interest.
From a technical analysis perspective, Solana had posted a long wick down to $67 on Dec. 10, with many experts believing that this was simply a “flushing out” of leveraged long positions.
SOL tapped this area twice on Dec. 11 before rising, suggesting that the $67 level now acts as a support zone.
Looking ahead, the next upside target for SOL bulls will likely be $77.80.
Rising on-chain activity explains Solana’s resurgence
Despite its price troubles, there is a notable spike in Solana’s on-chain activity.
The total value locked (TVL) in Solana decentralized finance (defi) protocols has jumped to $929 million, the highest level in over a year.
This renewed interest is also evidenced in Solana’s decentralized exchange (DEX) trading volumes.
Experts believe that rising NFT demand has also fueled higher activity on Solana.
In the last week, Solana’s NFT sales volume has rocketed 52%, with over 26,500 buyers.
Bitcoin Minetrix presale draws investor attention
As Solana shows signs of recovery, analysts are also looking at Bitcoin Minetrix.
The project employs a “stake-to-mine” model that allows holders to passively earn Bitcoin (BTC) when they stake the platform’s tokens, BTCMTX.
Unlike traditional mining, which demands technical skills and high investment, Bitcoin Minetrix aims to democratize the process so anyone can participate.
By staking BTCMTX, users receive mining credits to redeem for either cloud mining time or a share of the eventual yields.
This model aims to provide ordinary crypto investors with BTC rewards.
Bitcoin Minetrix has already attracted over $5.2 million in presale investment across multiple stages, meaning the project is over a third of the way to its soft cap goal.
Presale demand has also helped Bitcoin Minetrix reach 9,100 followers on X.
The project has also attracted crypto influencers, such as No Bs Crypto, who speculates that BTCMTX could rally once listed on exchanges.
While predictions like those from No Bs Crypto are speculative, they showcase the growing belief in Bitcoin Minetrix from experienced names in the industry.
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