Solana less than 10% away from its record price; Analyst hints at new all-time high

Solana less than 10% away from its record price; Analyst hints at new all-time high
8 months ago
2 mins read

The Solana (SOL) token has gained ground in recent days, moving higher at a time when the digital asset has benefited from a slew of positive events. Recently, the digital currency has broken through several significant resistance levels, indicating that purchasers are not worried about downward pressure.

Following Bitcoin’s (BTC) all-time high, the price of other altcoins, such as Ethereum (ETH), has been steadily rising, which has helped to support Solana’s price. SOL is presently placed fifth in terms of trading volume among the top 100 cryptocurrencies, with over $6.8 billion traded in the last 24 hours, owing to its remarkable recent rise.

Indeed, the token of the high-performance blockchain focused on DeFi, is currently trading at $202, up 8.56% in the last 24 hours and up 26.6% in the previous seven days, with a market capitalization of $60.99 billion, according to CoinMarketCap.com.

SOL 7 – day chart. Source: CoinMarketCap.com

Presently, the digital currency is trading at its highest level in more than a month and is less than 10% away from reaching its all-time high of $214.36.

Crypto experts predict

Due to the fact that Bitcoin has broken over resistance, the negative scenario has been ruled out. As predicted by renowned crypto trader CrediBull, investors should prepare themselves for new record highs not just in SOL but in a range of other altcoins as well.

Meanwhile, Michael van de Poppe, a well-known crypto trading expert, pointed out that SOL has increased by 39% since his first point of interest.

SOL/BTC chart. Source: Michael van de Poppe

Solana ecosystem

It’s worth mentioning that according to the creators of the Solana blockchain, which operates in the rapidly developing space of DeFi, it is the “fastest blockchain in the world” and is “censorship-resistant.” It is capable of supporting smart contracts, non-fungible tokens (NFTs), and other platforms.

Over 400 projects are currently active in the Solana ecosystem, and the SOL currency itself performs roughly 2,327 transactions every second. Although there are a huge number of transactions, the average transaction cost is remarkably cheap, at only $0.00025.

In light of the ever-increasing interest around the project, Solana announced that their Breakpoint event, which will take place in Lisbon from November 7-10, 2021, has sold out completely.

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.