As a seasoned researcher with a knack for deciphering market trends and a deep-rooted passion for all things crypto, I find myself intrigued by Solana’s recent surge. Having closely monitored its growth over the past few months, I must say that this layer one blockchain has shown remarkable resilience and potential.
Following several months of efforts to regain its bullish trend, Solana (SOL), a rapidly expanding layer one blockchain supported by an active community of investors and developers, is showing signs of potentially approaching a new all-time high in the immediate future. This large-cap altcoin, boasting a fully diluted market valuation of approximately $98.6 billion and daily traded volume averaging around $3.8 billion, experienced a 6% increase over the last 24 hours, trading at roughly $168 on October 21 during the mid-European session.
The price of Solana (SOL) surged alongside Bitcoin (BTC), with BTC currently valued at $68,206, showing a 0.3% 24-hour volatility. Its market cap stands at a staggering $1.35 trillion, and it has traded a massive volume of $27.93 billion in the last 24 hours. Similarly, Ethereum (ETH) also saw an increase, now valued at $2,704 with a 2% 24-hour volatility. Its market cap is $325.55 billion, and it has traded a volume of $18.80 billion in the last 24 hours. This bullish trend for these cryptocurrencies suggests the reemergence of the crypto bull market. The ongoing rally in precious metals and the evolving global economic outlook are driving this momentum that has been building since October.
In anticipation of the 2024 U.S. general elections, it’s predicted that the Federal Reserve will make a similar move to lower interest rates, much like what China’s central bank has done.
Due to increased volatility in the cryptocurrency market, over $10 million worth of positions were forced to be sold off in Solana’s margin trading sector, primarily affecting those who had short positions.
Midterm Target for Solana Price
In simpler terms, the value of Solana is gearing up for a significant increase in the short term after it has been holding steady above an important support level at approximately $120. From a technical perspective, the price of Solana has managed to surpass the resistance zone between $161 and $163 today, which propelled it towards $170.
$SOL Bullish Pennant Formation in 2D Timeframe✅
Incase of Breakout,Next Target will be 350$✍️
#SOL #SOLUSDT #Solana #Crypto
— ZAYK Charts (@ZAYKCharts) October 21, 2024
If Solana’s price pattern resembles its past bullish surges, financial experts anticipate that the cryptocurrency might surge towards a fresh record high (new ATH) soon. As per a well-known crypto analyst named ZAYK Charts on the X platform, the value of Solana could potentially reach an intermediate goal of approximately $350 in the short term.
As an analyst, I’ve observed a significant surge in the SOL/ETH exchange rate, reaching a new peak. This upward trend suggests that an increasing number of investors are placing their bets on Solana, anticipating it to surpass both Ethereum and Bitcoin in the upcoming months.
It’s important to point out that the dominance of Bitcoin might be indicating a possible shift in trend, potentially triggering a movement of cryptocurrency investments towards altcoins.
Favoring Fundamentals
The Solana blockchain system has expanded into a significant web3 environment, boasting a total value locked (TVL) of approximately $6.4 billion and over $3.52 billion in available stablecoins. In just the past day, the Solana network has served more than 3.7 million active addresses, outnumbering Ethereum’s 392k by a considerable margin.
The Solana network has risen to prominence among decentralized finance (DeFi) systems, thanks to its superior transaction speed and lower fees compared to the Ethereum network.
Due to its appeal, the Solana system has drawn in numerous traders looking to venture into the meme token sector. Based on recent crypto data from oracles, the meme coin segment on the Solana network currently boasts a market capitalization of approximately $11.4 billion and daily trading volumes exceeding $3 billion, as per the latest report.
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2024-10-21 15:09