Solana Shocks The Bears And Takes New ATH , Aims For $50?

News BTC

Solana (SOL) appears to be on a moon mission. In the daily chart, SOL has moved against the current market sentiment and reached a new all-time high at $42,58. After a minor drop, the cryptocurrency trades at $41,79 with even bigger gains in the 7-day (+65.3%) and 30-day chart (+207.2%).

SOL on a bullish trend in the daily chart. Source: SOLUSDT Tradingview

Anonymous trader “Kaleo” has been tracking SOL’s price action closely. After forming and breaking a diagonal at $30. Later, SOL reached the higher levels on this range and “cleared HFT resistance”, as Kaleo said.

How To Get Free Crypto  

On the SOL/BTC pair, the former token managed to also secure a new all-time high when it went above the 0.0007 BTC. Driven by this bullish price action, the trader has set $50 as Solana’s next target.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Source: Kaleo

On the other hand, trader “Altcoin

Altcoin is defined as any cryptocurrency except for Bitcoin. “Altcoin” is a combination of two words: “alternative Bitcoin” or “alternative coin”. There are over 1,500 altcoins with many more planned for release.

» Read more

” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>Altcoin Sherpa” pointed out SOL’s relatively low trading volume over the past day. The trader is bullish but believes SOL’s “characteristics of accumulation” points to a short-term pullback. If the current trend follows this prediction, SOL could provide a good entry point for investors looking to take long positions.

Solana’s Potential And Ultimate Goal

According to Solanians, the cooperation between this platform and Project Serum, a decentralized derivatives exchange, could potentially “replicate and outperform” the financial system.

Coinbase Banner  

Solanians believes Solana is the only project in the crypto space that focuses on improving its throughput and increase its TPS from 50,000 to 500,000 “over the next couple of years”. In doing so, Solana could absorb part of the value in traditional payment networks, VISA and Mastercard, structured products, and the stock market. Solanians said:

But Project Serum presents a path towards adoption. Already, it has the world’s most powerful fully on-chain DEX, and the ecosystem is growing quickly. The structure of Serum is also unique and can bring multiple benefits to the ecosystem.

Solana has seen an increase in developer activity and occupies the 4th position behind Chainlink (LINK), Elgorand (EGLD), and Bitcoin (BTC), per a report compiled by CoinGecko. SOL’s ecosystem is growing at a fast pace and Project Serum already offers an automated market maker, staking, lending and borrowing service, liquidity aggregators, and synthetic assets.

Source: Coingecko via Solanians

Analyst Adam Cochran predicts Solana could hit a $152 price if only captures part of its competitors (Binance Smart Chain, Ethereum) market cap. Cochran added on his prediction:

But, this assumes no market growth at all, which at current trajectories seems naïve. At a conservative growth rate of the market of even 15% over the next year, I think we could look at the $300 – $350 range in the new year assuming its able to capture that market.

Go to Source
Author: Reynaldo Marquez


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.