Solana has been one of the best gainers in the recent crypto market rebound. The altcoin came into the limelight due to its technological prowess to offer faster and cheaper transactions. Its scalability has made it a formidable competitor to Ethereum, with many DeFi developers now launching their projects on the network.
Solana is trading at $71.88 at the time of writing after a 5.1% gain in 24 hours.
Solana Price Analysis
Solana is still maintaining its position as the tenth largest cryptocurrency in terms of market cap. Its market capitalization currently sits at over $20 billion, and if more gains are made, we will see this figure increase.
Solana bulls are currently strong because of buyer support. Buyers have rallied up support for this coin over the past week, which led to SOL achieving an all-time high of $79. However, SOL could not maintain these levels hence the slump to below the $72 support level.
Market support is currently lacking, but this has not deterred SOL traders from purchasing the coin. Hence, these current levels could encourage traders to buy more, hoping that the SOL bull run will progress and SOL will test the upper resistance level of $80.
If there is a dip in SOL prices, the lower support will be $68. With volatility increasing, the SOL prices could fail to consolidate any time soon; hence an uptrend or a downtrend is expected.
The Solana network is heating up in as much as Decentralized Finance (DeFi) is concerned. With increased interest in the network, the total locked value (TVL) hit over $2 billion for the first time on August 17, which demonstrated increased interest in the token.
The recent surge in SOL prices is also attributed to the network’s venture into non-fungible tokens (NFTs). Degenerate Apes recently put up an NFT sale on Solana, which sold out in eight minutes with total trading volumes of 10000 SOL tokens. The growing activity on the Solana network has played a key role in SOL’s exemplary performance.
Where to Buy Solana
If you want to purchase SOL, you can do so on the following exchanges:
eToro is one of the trusted exchange platforms in the crypto space. eToro supports copy trading, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions.
The other platform where you can buy SOL is FTX. FTX is one of the largest exchange platforms. It supports a wide range of cryptocurrencies and trading pairs. It also offers user-friendly features.
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