Solana (SOL) and BNB (BNB) are among top altcoins currently trading near key price levels. BNB currently ranks fourth by market cap and trades just above $600, while Solana is fifth in the market cap ranking and currently poised near $150.
With key market events helping shape the prevailing sentiment, what’s the likely scenario for these altcoins? Could new token Bitbot (BITBOT), which is seeing tremendous investor interest in its presale, be worth buying today?
Bitbot is poised to take Telegram bots market by storm
Bitbot is a new cryptocurrency in presale, and could be one of the top altcoins to buy given its potential to transform the crypto trading space.
The huge interest in Bitbot is due to its non-custodial trading solution. While the platform will launch its trading bot on Telegram and compete against the likes of PAAL AI, PaLM Ai and Banana Gun, its defining feature is the non-custodial solution.
Simply, it means Bitbot offers an environment where users have total control over their assets, which none of the other bots guarantees.
The application also features key tools such as anti-MEV protection, while the native BITBOT is the utility and governance token that also gives access to a unique revenue-sharing model. There’s high anticipation around this bots launch, an outlook currently very much noticeable in the project’s presale performance.
Solana price outlook: Will SOL dump?
Solana price reached highs of $208 in March 2024, the altcoin’s highest level since January 2022. The surge largely drew from a spike in meme coins activity and huge interest from institutional investors.
While these factors remain potential upside catalysts, with possibly real-world assets (RWAs) another key driver, SOL could face short term weakness given recent dips for Bitcoin post its halving event.
Also likely to attract the attention of SOL holders is the decision by the FTX estate to auction off vast amounts of its Solana tokens. FTX has sold off huge holdings of SOL before, notably in March and Solana price showed great resilience.
This week, fresh reports emerged that the bankrupt crypto exchange would offload more SOL in an auction. If price falls below the critical $150 level, its possible bears could target the area around $125 and the psychological $100.
On the upside, the immediate resistance area may be around $175. Analysts also expect $200 to be a notable hurdle.
BNB quarterly burn incinerates $1.17 billion
BNB trades above $600, a price level the BNB Chain native token returns to after revisiting support levels near $520 this past week. The area was also key when BNB price dipped on March 20, 2024, having traded above $620 the previous week.
The current price level for BNB comes as the BNB Foundation reveals a major token burn for the Binance coin. In an update, the platform announced its 27th quarterly token burn had successfully removed over 1.9 million BNB from circulation. The market value for the burned tokens was about $1.17 billion.
This burn and the ongoing BNB Chain’s real-time incineration of gas fees, point to a further reduction in BNB’s circulating supply. BNB price may strengthen amid these events.
In this case, bulls are likely to ride other market conditions to target the all-time high of $686 reached in May 2021.
Bitbot presale surpasses $2.8 million
BITBOT is currently in stage 11 of its presale, which means there’s only four more stages before the token lands on crypto trading platforms.
Early investors have backed the developer team with over $2.8 million so far, with BITBOT price rising to $0.0163 in presale. The next stage will see the presale price rise to $0.0171 before eventually hitting $0.020 in the final stage.
This outlook suggests now could be the best time to buy Bitbot.
Learn more about the project here.
