Solana (SOL), the most successful cryptocurrency amongst the top 10 projects in terms of market cap, is the one that performs best on the daily and the weekly charts. According to CoinGecko data, SOL has rallied by 6.2% in the last 24 hours In the last week alone, bitcoin (BTC), has gained 14.8%. Bitcoin (BTC), as seen in the charts for daily, has risen 2.4%. BTC, however, has seen a correction of 0.5% in the weekly charts. Ethereum’s price (ETH), however, has risen 0.8% within the last day and by 7.2% during the last seven days. XRP’s price has not changed in daily charts, but it is up 3.3% in weekly charts. Solana’s latest rally appears to have surpassed the most popular projects.
Can Solana Rally to $250?
Solana’s (SOL), last trading above $250 was in January this year. It reached an all-time record high of 293.31 dollars on January 19. SOL’s stock price has declined by 27.4% from its peak of January. According to CoinCodex analysts, SOL may not hit the $250 mark Not yet. The platform predicts that SOL will reach $240.17 by November 8th of this year.
The Wolf Of All Streets a prominent cryptocurrency analysts, says that SOL is trading at the highest price level against Bitcoin. Analyst added: “If Solana breaks out here, you can expect it to be the darling of the next altcoin run.” SOL could reach $250 if this development occurs.
Lark D. Davis, another crypto-analyst, has also weighed in on the issue. Solana’s (SOL) latest rally could be driven by a few factors. First, a lot of money is flowing into the market from several Solana Treasury Companies. Second, it is highly likely that a Solana ETF will be approved by SEC this year. SOL’s stock could hit new record highs after an ETF gets approved.
You may also like: Pantera Plots Nasdaq-Listed Solana Treasury with $1.25B Raise
Solana may also have rallied due to the possibility of a rate reduction. We may see another rally in the market if Federal Reserve adopts a more dovish position after their next meeting.
“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
