Solana (SOL), the cryptocurrency that currently ranks highest in daily charts for the Top 10 Projects by Market Cap, is Solana. The asset is up 6.7% on the daily charts in the past 24 hours. It’s also up 12.1% weekly, and 13.8% 14-day charts.
SOL’s value has also increased by 535.5% since October 2023. It is now one of the top-performing assets in the past year. SOL outperforms industry titans Bitcoin (BTC), and Ethereum (ETH).
Please Read This: Buy Bitcoin Online with Prepaid Card Ireland
Solana Rally Factors
Why does Solana hold a rally?
SOL has seen its latest rise as Bitcoin (BTC), which is moving towards the $70,00 mark, continues to move up. It is now only 6.4% from the all-time high, $73,737.94. The cryptocurrency was attained by March.
SOL is experiencing an increased in trade activity. The memecoins that are based on the SOL protocol, including Pepe, dogwifhat, Bonk, and others, also saw healthy gains in this past year.
Please Read This: How to Add uniChain to MetaMask?
Investors may have been anticipating Donald Trump’s rise to power following the Presidential election. Some analysts predict that the market will rally as soon as Trump becomes President, due to Trump’s pro-crypto and pro-business stance.
When Will the Asset Reach $200?
Solana has enjoyed a remarkable few years. After the collapse of FTX, in November 2022, Solana (SOL) fell below $10. After its 2022 bottom, this asset has recovered quite well, briefly reaching the $200 level in early 2018.
Analysts at CoinCodex believe that SOL’s price will rise over the coming weeks and reach $184.88 by November 17, 2024. To reach $184.88 at current prices, a price increase of 8.6% is required.
Please Read This: 11 Countries Might Join BRICS in 2024 as ‘Associated Partners’
Changelly is, however, slightly more bearish. Platform predicts that the asset will trade for a maximum of $157.27 by November. If the current prices are maintained, a drop of approximately 7.59% will be required to reach $157.27.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: watcher.guru
