Price Analysis

Solana(SOL) Price Is Rising Like A Gaint, Is It Too Late To Get In?

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Solana which began the yearly trade with just $1.7 surged remarkably to form new highs at $55.91 in May 2021. However, a couple of crashes drained off nearly 50% of the price as it revisited levels around $25 multiple times. Yet the market neutralized the bearish divergence a month ago and the SOL price held a firm uptrend. 

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However, the price in the past couple of days rallied nearly 70% to hit new highs at $74.44. Despite a slight pullback, the price continues to possess huge bullish momentum. This signals the path towards the 3-digit figure very soon. But what made the asset surge so hard that it caught huge attention?

The huge surge in price was followed as Solana launched its ‘Cross-Chain’ ‘Warmhole’ to form a bridge between Ethereum, Terra and BSC. Not only one can move the assets without any lag but also pass on the messages too. Therefore the launch of multichain Solana 2.0 fuel the rally at the maximum.

 Solana is popularly known as a tough competitor for Ethereum. Despite the recent implementation of EIP 1559, the ETH gas fees remain comparatively high. Yet the fees on Solana are 60 thousand times lower that keep fluctuating over time. 

Also Read: Popular Altcoins Like Ethereum, XRP, Solana Could Jump Nearly 120% In This Bull Run?

Will Solana Price Hit $100 This Month?

Currently, the Solana price is in discovery mode it successfully smashed a new ATH at $74.44 in the early trading hours. The launch of the multichain blockchain has helped the price to reach new highs, but yet new ATH could be fast approaching. 

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The trading volume has increased remarkably over the past couple of days, wherein the buying volume is at the higher end. The platform witnessed negligible selling with showcased a sense of HODL behaviour among the traders. Moreover, the indicators like MACD and RSI signal at a huge uptrend, ready for yet another flight.

With the growing attention and popularity, the Solana could not remain away from the investor’s sight for more time. No doubt the major cryptos hold a maximum share of the investor’s portfolio but the projects like Solana may also hold a small share in the coming days. The asset’s debut in the top 10 cryptocurrency list and the increased market dominance of over 1% point out towards a huge bull rally for the SOL price in the coming days. 

Also Read: Solana Price on a Roar! SOL Price has Finally Broken the ATH

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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.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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