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Is Solana Price Rally Over? Will SOL Price Bounce Back to Hit $100 Target?

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Solana (SOL) is on the decline, driven down by a lack of clarity in the crypto market after Bitcoin failed to break through the $50,000 barrier. 

Last week, the SOL Price currency had a parabolic rally that propelled it to a new all-time high, making it one of the best-performing digital assets. Its price has risen dramatically in the last month. Solana rose more than 280 percent from a low of $22.5 on July 20th until substantial resistance was discovered at the $80 mark.

SOL price is falling, approaching the pivot point of $69.01. If selling pressure develops up, a breach below here could send the price lower, towards immediate support at $56.03. A change in mood, on the other hand, might push it higher until buyers run into resistance at $85.76. 

Solana(SOL) Price Aims For Another 20% Jump, $100 Could Be Effortless

New projects and ventures ahead for SOL!

Pyth Network, a decentralized, cross-chain oracle, has gone operational on the major blockchain Solana. Until now, the data oracle had only been tested on the Solana devnet. Pyth Network’s creators will now release it on the mainnet, allowing users to incorporate Pyth Network’s “real-time” market data into DeFi apps.

Solana has been on a tear recently, with its native SOL token hitting a new all-time high above $80 only last week. And, given the current state of the Solana ecosystem, it may not be finished yet.

Solana Devnet has stated that it has incorporated Chainlink’s technology in order to provide more consistent price feeds on its platform. Users will have access to both the Solana blockchain’s high-speed transaction capability and Chainlink’s dependable price feeds as a result of this agreement. 

Solana is likely to grow much more in the future, thanks to the extra benefit of Chainlink pricing feeds. Both advancements will provide high-quality price data that updates at sub-second intervals to Solana’s DeFi ecosystem. 

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

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