Solana SOL has had an excellent Q3 of 2024, beating out its crypto rivals Ethereum and Bitcoin in terms growth. It is now on the upswing after its fall to $193 from the start of August. Bitcoin and Ethereum are both performing well as the final quarter of the year begins, however, SOL’s Q3 performance may set the stage for a positive final quarter as well.
Bulls have been able to gain a firm grip on Solana in recent weeks, as trading volumes are up. At press time, SOL’s TV is up 28% in the last 24 hours alone, despite a slight 5% correction Tuesday. Solana’s price is on the rise since September 6 and has gained 25%, outperforming Bitcoin and Ethereum. Solana price rose 6%, while Bitcoin’s increased 1.55% in Q3. Even worse, however, Ethereum’s price lost 23% in Q3.
SOL’s recent rally may be due to the general bullishness of the market. BTC reached $65,000 in the last few days for the first since August. Investors may have taken more risk due to the Federal Reserve’s interest rate reduction of 50 basis points. Following the US Dollar fears, investors are now paying more attention to cryptocurrency as an option for investment. So, most of the top 10 crypto-assets by market cap rose in the last one month.
Also Read: Solana (SOL) Predicted To Grow 5x To $776: Here’s When
The beginning of October could also have been a factor in the price increase. October is historically a positive month for crypto markets. In the last week, all crypto markets have performed very well. Several price predictions predict that October will be a good month.
Analysts say that for SOL, $165 appears to be the next barrier. Solana [SOL] On its third try since August, it was not able to break through the resistance of $163. The price has been volatile in recent days. Since the $161.80 local high, the currency is down 3.4%. The recent increase in whale activity and the increased trading volume could push SOL up to that level again for a retest. This test, now that it is October, could succeed, sending SOL skyrocketing. SOL’s short-term goals are $200. Long-term SOL profits range from $350-500.
“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
