Solana (SOL) has suffered a huge hit as the crypto market corrected from its recent high. Like many other top altcoins, SOL dropped to the critical support at $200. However, Lunex Network (LNEX) has continued to thrive, pushing its gains up to 283% with its recent rally to $0.0046.
As a result, many SOL investors have been jumping to LNEX ahead of a potential 15x surge in Q1 2025. But, it’s not all gloom for Solana as the growing hope of ETF approvals in the US has made analysts forecast a potential rally above $300.
Along with the rest of the crypto market, the Solana crypto suffered a huge dip this week. CoinMarketCap's data shows that SOL has dropped from a weekly high of $235 to retest the support level at $200. Some investors have shown their concerns about this drop.
Since the Solana coin set its recent ATH at $265, it has been on a freefall, dropping to the critical support at $200. The analysis channel, IncomeSharks, has said that Solana (SOL) holding this support level will play a critical role in its future price action.
If SOL manages to defend this support level, we could see the altcoin price skyrocket to set a new ATH above $300, according to GreenyTrades. However, losing this support level could lead to a breakdown to $180, or possibly $150, making SOL one of the top altcoins to watch over the next few weeks.
Despite the Solana price outlook being a mixed bag, there could be a major event that could inspire the price pump. VanEck and 21Shares have filed with the SEC to launch a spot Solana ETF to allow investors to buy shares tracking the price of SOL.
With pro-crypto president Donald Trump assuming office in about a month’s time, many crypto analysts believe a SOL ETF could be approved soon. While a potential approval could drive the price of SOL to a new ATH, it doesn’t compare to the massive gain Lunex Network has given investors.
While the rest of the crypto market has been choppy this week, Lunex Network (LNEX) hit a remarkable milestone, crossing $5.3 million in its crypto ICO. Along with the presale milestone, the LNEX coin has been on fire, rallying by more than 283% to reach its current price of $0.0046.
Investors have been buying into the project for the high APY of 18% that Lunex provides to those who stake the $LNEX token. In addition, the DeFi project allows users to swap over 50k tokens at a low cost. Investors will also find the platform great, as it also supports self-custody.
On top of that, Lunex Network has also removed KYC forms (Know Your Customer) as users can start trading on the platform with the minimum of personal identification. Furthermore, Lunex has 65+ RPC nodes and helps developers create dApps on several blockchains.
Because of this infrastructure, Lunex has become a very versatile platform for both traders and Web3 application developers who need to expand their projects. While LNEX is already one of the best altcoins to buy now, analysts believe it can further increase by more than 15x in Q1 2025.
The price action of Solana (SOL) around $200 will determine where the price will go over the next few weeks. The potential launch of a SOL ETF could also influence its price movement. On the flip side, Lunex Network has defied the market trend as its innovative platform gains traction. With its continuous growth, we could see $LNEX dominate the bull market next year.
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