The price of SolarX (SOLX) has risen by as much as 6% today, with the new altcoin climbing to $0.1821 in the past 24 hours, at a time when the cryptocurrency market as a whole is down by just over 1%.
The native token of new solar-powered blockchain SolarX, SOLX’s price has risen and fallen almost erratically since it listed on Uniswap and other trading platforms at the end of last week, with the coin already 21% down from its all-time high of $0.2319 (September 22).
Yet interest in the new coin remains high, with more exchanges announcing their support for it in the past day, providing another source of potential incoming gains.
SolarX Classic Price Prediction as SOLX Blasts Up 6% and Becomes Top Trending Coin – What’s Going On?
After dipping over the weekend, as part of post-listing correction, SOLX now appears to be enjoying another growth spurt, with its technicals in a strong position.
Its relative strength index (purple) has risen above 50 again after spending most of the weekend at around 40 or below, indicating renewed market interest.
Such interest is also indicated by the spike in trading volume the coin has enjoyed, rising as high as $3.5 million in the past 24 hours.
At the same time, SOLX’s price has shot above its short-term moving average (yellow), another sign that its momentum has grown in the past few hours.
Based on all this, the new token could potentially rise further before its current rally runs out of steam, with the coin possibly reaching $0.190 in the next day or so.
As noted above, SolarX is new cryptocurrency project that has launched in tandem with its very own SolarX Mining Device, which has been “developed to use solar panels or other renewable energy sources to power the mining process,” as written in the platform’s whitepaper.
This use of solar energy for mining has seemingly whetted the market’s appetite for SOLX, which is actually an ERC-20 token.
As an ERC-20 token, 60% of SOLX’s supply will actually be mined and will run on Polygon, with the other 40% running on SolarX’s own blockchain, dubbed the SolarX Green Chain.
It’s not clear what SolarX’s chain will actually offer itself in terms of functionality and features (beyond the ability to use solar panels for mining), so a skeptic may be forgiven for wondering whether it will have sustained and successful life beyond its initial launch and listings.
Still, such questions haven’t stopped a number of exchanges from listing the new token, with five centralized exchanges now supporting the coin.
Based on this alone, we can expect SOLX to rise further in the shorter term, although it remains to be seen just how sustainable it will be as a token.
Other New High-Potential Tokens
SOLX isn’t the only potentially promising new token in the market right now, with a number of presale coins set to list strongly in the coming weeks after having successful sales.
The latest in a line of high-potential coins is Meme Kombat (MK), a new ERC-20 token that will combine the worlds of memes, betting and online gaming.
Having begun its presale at the end of last week, Meme Kombat is essentially a decentralized betting platform that will enable users to bet against each other (or against the platform itself) on the outcome of AI-determined battles between meme characters.
Rewards will be dispensed to the winners of bets in the form of MK tokens, which will also be open to staking, therefore making them doubly profitable from an investment perspective.
MK will have a total maximum supply of 12 million tokens, with 50% going to the presale, 30% being reserved for staking and battle rewards, and 10% being allocated for community rewards (and another 10% for liquidity).
The use of community rewards is likely to help Meme Kombat cultivate a large and thriving online community, which in turn will help support the token and attract new users and investors.
New buyers can join the presale by visiting the official Meme Kombat website and connecting their software wallets, with 1 MK being sold at a price of $1.667.
With a very limited supply of tokens (most meme coins have a circulating supply in the billions), it’s very conceivable that MK will rally big once it lists on exchanges in the next few weeks.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
This article first appeared at Cryptonews