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Analyst predicts $1 Trillion market cap for SOL as InQubeta taps into AI hype

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The cryptocurrency market has experienced an interesting ride this week to say the least, with broader corrections across major altcoins. However, Solana (SOL) has defied the trend, surging 12% while other prominent altcoins have witnessed declines of 10-20%. 

Monday marked the beginning of a market correction, but the trajectory seems to have stabilized, as Bitcoin bounced back from the $60,000-$61,000 range to its current level of around $67,000, with other altcoins following suit. Notably, SOL has seen a 9% increase today. 

Meanwhile, a new project called InQubeta has emerged, looking to capitalize on the red-hot AI narrative in the crypto sphere. This project, currently in its crypto presale, has already raised over $12.1 million.

Solana (SOL) Price Analysis

SOL is currently trading around $190 at the time of writing, reflecting a 9% surge today. As mentioned earlier, SOL has outperformed most altcoins amidst the broader crypto market correction this week.

Upon examining the SOL/USD chart, it becomes evident that SOL traded within a sideways channel, marked by blue lines, for approximately two months following a significant pump in the latter part of 2023, which saw its price soar from the $15 area to over $100. SOL broke out of this channel during the crypto market pump in late February and early March, entering a “discovery” mode as it sought to establish new yearly highs.

After hitting $208 in March (new yearly high), SOL consolidated to its current levels.

Looking ahead, the next logical significant target for SOL is breaking its all-time high of around $250. When considering Fibonacci extension levels, $267 emerges as the next big target, surpassing the ATH and aligning with the 1.618 Fibonacci extension level. The most ambitious target, however, is set at $414, in line with the 4.236 Fibonacci extension level. If the market remains bullish and no major crashes occur, SOL should be able to breach this level sometime in 2024.

The bullish sentiment surrounding SOL is further reinforced by its 200-day moving average, which currently stands at $74. A high 200-day moving average indicates a strong upward trend and a healthy support level for the asset.

The Relative Strength Index (RSI) for SOL is currently at 55, suggesting that the asset is neither overbought nor oversold, and there is room for further price appreciation.

Additionally, the Moving Average Convergence Divergence (MACD) Line is above the MACD Signal Line, indicating a bullish trend and potential for further upward momentum.

From a support perspective, $173 should act as a strong level, aligning with the 0.236 Fibonacci retracement level.

Top analyst predicts $1T market cap for Solana

Furthermore, a popular analyst on X (formerly Twitter) with 65,000 followers, Joe McCann, has predicted that SOL could reach a $1 trillion market cap. 

According to McCann, Solana has found a product-market fit (PMF) and is now “The Chain for Retail.” He argues that Ethereum is not designed for retail users due to its slow and expensive Layer 1 and the complexities surrounding Layer 2 solutions. In contrast, Solana has emerged as the go-to chain for meme coins, with thousands of new meme coins being created and traded on the Solana blockchain every day.

McCann further elaborates that trading bots, or the “Robinhood-ification of crypto,” have been driving the majority of trading due to their great user experience. Most of these bots are trading meme coins on Solana, and the blockchain is consistently flipping Ethereum in decentralized exchange (DEX) volumes. Despite this, SOL’s value remains a quarter of Ethereum’s, which McCann believes is an undervaluation, hence his $1 trillion market cap prediction for Solana.

InQubeta Project

Capitalizing on the growing excitement around artificial intelligence (AI) in the cryptocurrency space, the InQubeta platform has achieved a significant milestone by raising over $12.1 million through its ongoing QUBE token presale. With over 913 million QUBE tokens sold at a price of 0.028 USDT each, the presale is poised to enter its next stage, where the token price will increase to 0.0308 USDT.

InQubeta is an AI-focused cryptocurrency project that aims to bridge the gap between crypto investments and emerging artificial intelligence projects. By leveraging AI innovations, the platform allows investors to gain exposure to AI startups, fostering a synergy between these two rapidly evolving sectors.

One of the key features of InQubeta is its deflationary mechanics, which are designed to increase the value of the coin over time. The token incorporates a burn tax, removing 2% of all QUBE token sales and 1% of all purchases from circulation. This deflationary mechanism creates scarcity and potentially drives up the token’s value. Additionally, token holders have the option to stake their assets and earn rewards from the buy and sell taxes allocated to the reward pool.

InQubeta provides a platform for investing in the future of AI technology by allowing users to participate in crowdfunding campaigns through its NFT marketplace. The platform transforms listed AI startups into NFTs (non-fungible tokens), enabling fractionalized investments and transparent profit-sharing. Investors can receive returns in the form of QUBE tokens, providing them with a direct stake in the success of these AI ventures.

The QUBE token is an ERC-20 utility and governance token that serves as the backbone of the InQubeta ecosystem. Holding QUBE tokens grants investors access to invest in AI startup projects listed on the platform’s NFT marketplace, as well as the ability to participate in the governance and decision-making processes of the project.

Conclusion

All in all, Solana (SOL) has demonstrated resilience, outperforming major altcoins despite the broader market correction. Its bullish indicators, such as a strong 200-day moving average, favorable RSI, and MACD readings, coupled with analysts’ predictions of a $1 trillion market cap, paint an optimistic picture for SOL’s future growth prospects.

Meanwhile, the InQubeta project has tapped into the burgeoning AI narrative in the crypto space, raising over $12.1 million through its QUBE token presale. With its interesting approach to bridging crypto investment and AI startups, InQubeta offers investors a potential opportunity to participate in the future of AI technology.

Join InQubeta Presale

Disclaimer: This is a paid post and should not be treated as news/advice.

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AMBCrypto Team is constituted by a vastly experienced team of professional journalists and analysts. Each one of us is driven to deliver the most important, the most insightful stories and analyses of the day. Whether you're a casual enthusiast or a trader or an investor, we make sure you get the most objective, accurate, and time-sensitive story at your fingertips.
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