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Cryptocurrencies: 12,885
Markets: 942
Marketcap: $ 2.10 T(0.32%)
24h Vol: $ 59.98 B
BTC Dominance: 48.13%

Solana (SOL) Soars 36% in 7 Days, Eyes $37 and $40 Targets

Solana Back on Bullish Territory: A Closer Look

Solana (SOL), a major player in the cryptocurrency market, is currently enjoying a meteoric rise. With a staggering 36% surge in the last seven days, SOL has reached a year-to-date high of $33. This upward trajectory stirs the crypto market as traders and analysts alike discuss SOL’s potential future highs.

Solana Recovers After FTX Empire Collapse

Recall that Solana was heavily affected by the collapse of the FTX empire, plummeting as low as $12.34 from its previous high of $31. Despite these adversities, Solana managed to rise from the ashes, retracing its entire drop, with the present 24-hour trading volume being a whopping $1,358,927,366. The Solana blockchain’s Total Value Locked (TVL) is around $377 million, setting a new year-to-date record. These records are even more impressive considering Solana’s all-time high, a whopping $10 billion peak in November 2021.

Breaking Resistance

Recently, Solana broke through a critical resistance level of $32, leading to a surge of optimism amongst investors and analysts. This bullish move has encouraged predictions of further upward movement, with price estimates ranging from a year-end minimum of $39 to an average of $49, and potentially even reaching as high as $58. It’s worth noting, however, that analysts suggest that profit-taking could start at the $37 price point. The weekly timeframe chart and the Relative Strength Index (RSI) support this bullish trajectory for Solana, with a resistance level set at $46.

Long-term Prospects and Potential

Some analysts predict that Solana has the potential to reach dizzying heights in the long term. Speculations abound about the asset possibly hitting prices as high as $250 or even $450. And these predictions aren’t without basis. Solana’s advantages over its major competitors, especially Ethereum, have been instrumental in its rising demand. In fact, Solana offers faster transaction speeds – up to 50,000 transactions per second (TPS) compared to Ethereum’s less than 10,000 TPS – and lower transaction fees. Solana’s involvement in the NFT ecosystem and the search for an Ethereum alternative are also major factors driving the Solana price surge.

Conclusion

It’s clear that Solana (SOL) is regaining its footing in the crypto market after recent challenges. Its current momentum, coupled with its technological advantages over competitors and foray into the NFT ecosystem, contribute to Solana’s promising upward trend. Whether these predictions will pan out remains to be seen. But for now, all eyes are on Solana as it carves its own bullish path in the highly competitive crypto landscape. Investors and traders alike must stay tuned for updates, always considering the inherent risks and volatility of the crypto market.
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