Solana is turning out to be the star of the show, as SOL prices surge higher. Claiming newer market cap rankings in a matter of hours. The rally has been astonishing and lucrative for traders in the crypto industry to get into rally.
Solana had flipped Cardano the previous day and has now hopped on to Tethers position. Meanwhile, the analyst sets the target for SOL prices in the near term and tips on the possible downtrend zone.
Catalyst’s Fueling Solana’s Upswing
Solana’s bullish momentum has been enticing many not one, leaving enthusiasts curious over the surge. According to some sources, SOL prices have risen 15,000% for the year. In addition, the foray into NFTs and crypto gaming has been fueling the northward trajectory. Moreover, the platform is witnessing an increasing number of NFTs being minted.
Earlier in September, Solana was processing 400,000 TPS. The high demand leads to its crash, for 17 hours. Which CoinPedia had reported earlier. The network has been turning out to be a worthy opponent to Ethereum, with its transaction speeds, lower charges, and fundamentals. The network has been growing at a rapid pace, with steady acceptance by institutions.
SOL Price on Its Trek to the Moon
The 4th largest crypto at press time is trading at $238.18 gaining 4.20%. While the market cap is at $71,710,263,461. The trading volume for a day and a night is at $5,311,913,864 which is up by 25.27%. The altcoin hit its ATH of $247.62 a couple of hours before press time.
Analyst sheds light on Solana’s run that, the coin has been trading constructively putting in higher highs and higher lows. Ever since its correction to levels of 122 in September. He mentions that the current price is above the resistance set by the previous ATH. And holds the potential to surge higher.
However, the only setback for the digital coin would be a fall to levels below $200. Which could lead it to a bearish trap, which seems unlikely from the current momentum. Solana conquering newer market cap rankings could leave Binance coin anxious, as it sits close to Solana’s sight. The digital asset is staying true to its tag of Ethereum killer, signaling its potential.