This month, the crypto market has made major gains, but solana has stood out by being the largest gainer. Solana’s value has grown by over five times since late July, with most of these gains being attributed to increasing buying support. Solana’s market cap has reached the $30 billion mark for the first time. The Solana network has also become popular for using a Proof of History (PoH) mechanism that makes transactions fast.
Solana is trading at $118.33 at the time of writing after a 20.9% gain in 24 hours.
Solana Price Analysis
Solana has been on a massive upswing in the past 24 hours and has become one of the best gainers in this period. During intraday sessions, SOL managed to reach $119, which is currently the all-time high for the coin.
The current buying pressure could push Solana to even higher levels. It will retest $199 again, after which the next resistance will be $122. This will ignite a price action towards $125 and $130. Currently, market support is weak despite SOL’s gains; hence if there is a recovery in the broader market, SOL could rally towards $150.
On the other hand, Solana breaking to these higher levels could ignite selling pressure, especially if the broader market fails to recover. Hence, the SOL could retest the lower support at $110. However, SOL dips could only ignite another massive bull run from investors who want to take advantage of the SOL gains.
Solana has seen an increased interest from institutional investors. A recent report from Digital Assets Fund Flow indicated that institutional inflows related to Solana have increased to over $2.7 million over the past week.
Solana’s growth has also attracted the interest of Cardano’s founder, Charles Hoskinson. In a tweet, Hoskinson stated that “Solana, you guys seem to be making waves. Congratulations. Where can I learn more?” This shows that Solana’s gains have made waves across the broader market, which is only expected to build buying pressure.
Where to Buy Solana
To buy SOL during the current bull run, you can create an account on the following platforms:
eToro is one of the most recommended exchanges to both new and expert traders. eToro supports a wide range of cryptocurrencies and trading pairs. It also offers friendly features such as low trading fees and copy trading.
You can buy and trade SOL on Binance. Binance is the largest global exchange. It offers access to over a hundred trading pairs. Binance also charges low trading fees and commissions.
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