⚡Crypto Alert : Altcoins are up 28% in just last month! Unlock gains and start trading now - Click Here

Solana (SOL) Soars ahead with Major Gains

Last week, Solana (SOL) was struggling with its lowest numbers for the month, but now it is surging to nearly its highest point for the year so far.

Solana’s volume has grown by 52% over the last 30 days, up to $3.1 billion. The current Solana price is $106.07 (SOL/USD). That rate has ticked up by 1.74% for the month but 8.56% for the day.

BrokerReviewRegulatorsMin DepositWebsite
🥇Read ReviewASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSAUSD 100Visit Broker >>
🥈Read ReviewFMA, FSAUSD 50Visit Broker >>
🥉Read ReviewFSCA, CySEC, DFSA, FSA, CMAUSD 0Visit Broker >>
4Read ReviewSFSA, FSCA, CySec*USD 5Visit Broker >>
5Read ReviewFCA, CySEC, FSCA, SCBUSD 100Visit Broker >>
6Read ReviewFCA, FINMA, FSA, ASICUSD 0Visit Broker >>
7Read ReviewCySEC, FCA, FSA, FSCA, Labuan FSAUSD 100Visit Broker >>
8Read ReviewNot Regulated0.001 BTCVisit Broker >>
9Read ReviewASIC, CySEC, FSCA, CMAUSD 100Visit Broker >>
10Read ReviewSVGFSAUSD 5Visit Broker >>

SOL/USD

That’s because the SOL rate dropped last week to $79.37, but it didn’t last long. The rate began recovery almost immediately and has continued to be bullish from January 23rd up through today. The coin has not recovered back to its high for the month of $116.1, but it is well on its way.

Understanding the Gains

Why are we seeing the rate surge day after day with this coin? It is partly because Solana-based projects are very popular right now. As the market recovers, investors are using various Solana-based staking protocols like Marinade Finance and buying up Mad Lads NFTs. They are using Solana lending protocols like Kamino and Solend frequently as of late, helping push Solana higher as investors see its various functional strengths.

The Solana ecosystem is growing and should see greater innovation in the coming months. Solana’s owners have announced new token extensions and a rebuilding of the Firedancer validator client. Solana will likely become even more useful and its related projects more in demand later on this year. The coin has become a promising investment opportunity because of its longevity and strength, so we are not surprised to see it doing so well.

Some analysts predict that Solana will continue to skyrocket past its current level, perhaps hitting as high as $140 before it levels out. The momentum is likely to slow down very soon, though, with a support zone of around $85.

 

 

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
ABOUT THE AUTHOR See More
Timothy St. John
Timothy St. John
Financial Writer - European & US Desks
Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.
Related Articles