Solana’s native cryptocurrency, SOL, has surged over 17% in the last week to reach around $171 at press time. The cryptocurrency‘s monthly returns stand at around 30%, outperforming most big-cap crypto rivals, including Bitcoin (BTC).
This strong performance has fueled optimism that SOL could soon target the $200 mark.
The uptick in SOL’s value can be attributed to several factors, including bustling meme coin trading, strong stablecoin volumes, and decentralized finance (DeFi) activity.
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Additionally, declining U.S. bond yields indicate a growing appetite for riskier assets like crypto.
Moreover, Robinhood has broadened its crypto services to Europe, launching its first crypto-staking product. This new feature allows European customers to stake Solana through the app for a 5% yield.
This move has boosted investor confidence in Solana, highlighting its potential and stability.
Rising interest in Solana NFTs
In a significant shift within the decentralized exchange (DEX) sector, Solana has recently outpaced Ethereum (ETH) in daily trading volumes, sparking discussions about its potential to challenge Ethereum’s long-established dominance in the cryptocurrency market.
Solana has seen a notable increase in first-time wallets interacting with its NFTs over the past week, particularly within top collections.
Data from Tiexo shows a slight uptick in Solana NFT volumes, primarily driven by these collections. The number of unique wallets has risen by 159% over the last seven days, reaching about 180,000.
The most significant growth came from first-time wallets, which surged by over 39% to exceed 56,000.
This increase in activity indicates a growing interest and engagement in the Solana NFT ecosystem, underscoring the platform’s expanding appeal among new users.
Choung pointed to forthcoming network enhancements, such as the highly anticipated Firedancer, a secondary chain client created by Jump Crypto designed to boost the network’s efficiency, as key factors driving this optimism.
Solana price movements
Currently, SOL is changing hands at $171. Analysts predict that a successful breakout could push its valuation close to $190, and an eventual move toward the $200 resistance level is within reach.
Should the bullish momentum continue, SOL might even hit $250 in the next upward run. Conversely, a market downturn could see SOL retract to the $155 support line.
If bearish trends prevail, the price may drop to $150, indicating a bearish shift.
Despite potential setbacks, the current recovery trends suggest that SOL is well-positioned for further gains, pointing to a promising outlook for the altcoin.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
