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.
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.
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.