Solana, BNB Price Outlook as Investors Rush to Bitbot

Solana (SOL) and BNB (BNB) are among the top altcoins currently trading near key price levels. BNB currently ranks 4th in market capitalization and trades at just over $600, while Solana ranks 5th in market cap rankings and currently sits near $150.

With major market events helping to shape general sentiment, what are the possible scenarios for these altcoins? New tokens could emerge Bitbot (BITBOT)There’s a lot of investor interest in the presale, but is it worth buying today?

Bitbot is ready to take over the Telegram bot market

Bitbot is a new cryptocurrency on pre-sale and could be one of the top altcoins to buy given its potential to transform the crypto trading space.

Much of the interest in Bitbot is due to its non-custodial trading solution. The platform will launch trading bots on Telegram and compete with the likes of PAAL AI, PaLM Ai, Banana Gun, etc., but its unique feature is a non-custodial solution.

Simply put, this means that Bitbot provides an environment where users have complete control over their assets, whereas other bots do not guarantee that.

The application also features important tools such as anti-MEV protection, and its native BITBOT is a utility and governance token that also provides access to a unique revenue-sharing model. The launch of this bot has been highly anticipated, and that outlook is currently very visible in the project’s pre-sale performance.

Solana price outlook: Will SOL sell off?

Solana’s price reached a high of $208 in March 2024, the highest price for an altcoin since January 2022. This surge is mainly due to the surge in memecoin activity and significant interest from institutional investors.

While these factors remain potential upside drivers, perhaps real world assets (RWA) could be another key driver, with Bitcoin’s recent decline following the halving event. Considering this, SOL may face short-term weakness.

Also likely to attract the attention of SOL holders is FTX Real Estate’s decision to auction off a huge amount of Solana tokens. FTX has previously sold off its large holdings in SOL, particularly in March, and Solana prices have shown great resilience.

This week, new reports surfaced that a bankrupt cryptocurrency exchange will unload more SOL at auction. If the price breaks below the critical $150 level, bears could target the $125 area and the psychological $100 area.

On the upside, the immediate resistance area could be around $175. Analysts also expect $200 to be a notable hurdle.

BNB quarterly incineration burns $1.17 billion

BNB is trading above $600, and the native token of the BNB chain has returned to this price level after revisiting support levels around $520 last week. This region was also key when the BNB price, which had been trading above $620 the previous week, fell on March 20, 2024.

BNB’s current price level comes after the BNB Foundation revealed a massive token burn on Binance Coin. In the update, the platform announced the following: 27th Quarterly Token Burn Successfully removed over 1.9 million BNBs from circulation. The market value of the burned tokens was approximately $1.17 billion.

This combustion, and the ongoing real-time burning of gas fees by the BNB chain, indicates that the circulating supply of BNB will further decrease. Amid these events, BNB prices may rise.

In this case, the bulls are likely to ride on other market conditions and aim for the all-time high of $686, set in May 2021.

Bitbot presale exceeds $2.8 million

BITBOT is currently in stage 11 of pre-sale. That means he has only four stages left before the token appears on crypto trading platforms.

Early investors have backed the developer team with over $2.8 million so far, and BITBOT’s price rose to $0.0163 in pre-sale. In the next stage, the pre-sale price increases to $0.0171, and in the final stage it finally reaches $0.020.

This outlook suggests that now may be the best time to buy Bitbot.

Learn more about the project here.

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