As a seasoned crypto investor with a keen interest in Ethereum Layer-1 competitors, I’ve been closely monitoring the recent surge in Solana (SOL) price. Over the past week, SOL has registered impressive gains of nearly 25%, breaking through the $170 mark and fueling excitement among investors.
Over the last week, Solana, a major Ethereum Layer-1 rival, has experienced significant growth, increasing by approximately 25% and reaching beyond $170. Analysts are optimistic about the SOL price trend, predicting it will continue to climb upward through the weekend.
Solana Price Surge to Continue This Weekend
According to data from cryptocurrency provider Santiment, the price of Solana has risen by a significant 33% since the 4th of July. This price increase can be linked to lingering doubts and uncertainty among the crypto community regarding Solana (SOL).
In spite of the ongoing rally, Santiment indicates that investor sentiment has not quite reached the level of fear-of-missing-out (FOMO) yet. Consequently, as long as apprehension (FUD) continues to outweigh FOMO, the price surge of SOL towards $200 may persist.
In the image presented, we observe that Solana’s recent price increases have emerged following the creation of a double-bottom pattern. At present, a significant resistance barrier for the altcoin stands at $175. Consequently, surmounting this hurdle would pave the way for another Solana surge, potentially reaching $200 and beyond.
As a crypto investor, I’ve noticed an intriguing development in the market lately. The current rally seems to be driven by increasing anticipation surrounding upcoming ETF launches, coupled with a substantial surge in the total value locked (TVL) within DeFi platforms.
According to DeFiLlama’s figures, the total value locked in Solana has surged to an impressive $5.10 billion. Additionally, the combined market capitalization of all stablecoins residing on the Solana blockchain presently stands at $3.268 billion.
In addition, during the past 24 hours, the network fee amounted to $1.7 million, while revenue surpassed $838,973. These figures highlight the growing significance and financial transactions taking place within the system.
SOL Rally to $1,400
It’s intriguing to note that the SOL price is forming a flag and bull pattern, suggesting a potential multi-year surge towards $200. If this breakout occurs, it may pave the way for an impressive rally reaching as high as $1400, which represents a massive 600% increase from its current value.
The bull flag nobody is talking about! #Solana $SOL
— Ali (@ali_charts) July 18, 2024
The Solana Foundation unveils a freshly launched grant initiative titled “SOL Actions and Blinks Tooling,” designed specifically for developers. Applications are currently being accepted for this grant, which includes a potential funding pool of $400,000 to support groundbreaking projects.
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2024-07-20 10:41