Altcoins

Solana Rising High! SOL Price to Hit $250 Soon?

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After three days of declining Bitcoin dominance, altcoins immediately make a bullish rebound. Solana, like the rest of the cryptocurrency market, is now on a green streak. Solana’s value has increased by more than 7 percent in the last 24 hours, and it is now trading for $208. Its price has risen by more than 35% in the last seven days. 

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Solana is presently the sixth-largest cryptocurrency in terms of market capitalization, and the third-largest blockchain in the DeFi business in terms of TVL.

The next key resistance level for Solana Price is at $215, and if the bears take control of the intraday trend, the SOL price might go below the $192 support levels.

SOL Price is Leading the Market!

Credible crypto, a pseudonymous crypto expert, informs his 251,900 Twitter followers that he expects Solana (SOL) will explode after breaking out and starting a new phase of its cycle. 

“SOL is leading the market and expects to have completed its full-scale fourth wave as a triangle by the end of the week. This indicates that the fifth inflow of SOL’s first macrocycle has begun. This will be amazing, and it will be a sampling of what we will witness in the next months in all cases. “Expect to pay at least $500.” 

The trader relies on the Elliott Wave theory, a technical analysis method that forecasts future value movement by studying crowd psychology, which manifests itself in waves.

Solana-based defi procedures have risen from $1.5 billion TVL in August to roughly $13 billion in just two months. 
This new high was set on October 21 before reversing to roughly $12.34 billion, according to Defi Llama. The new high also surpassed the previous high of $12.2 billion recorded in September, when the blockchain platform observed an increase in Defi usage on its network.

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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.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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