Solana’s popularity this year has soared since getting a new label as the ‘Ethereum Killer.’ The high scalability of this platform has boosted demand for SOL tokens, which have grown by over 3500% this year.
At the time of writing, Solana is trading at $33.21 on major exchanges. In the past 24 hours, the token’ value has appreciated by 1%.
Solana Price Analysis
Given that Solana is one of the newest cryptocurrencies and blockchains in the crypto space, its price trends are something that short term and long term crypto holders should assess.
Solana is inching closer towards recovering some of its May losses. It is among the few tokens that were still trading on the green zone on June 30. Its current level at $33 places the token at the edge of a significant breakout to higher levels.
Trading above the current level will create major resistance for Solana to reach $40. The resistance here will only be overcome if buyers flock to buy the token during the current upswing. Uptrends in bitcoin and ethereum may also form higher trading grounds for Solana.
However, if SOL is resisted at the current level, we might record a retreat to below $30, with lower critical support standing at $26.5. Such retreats will be caused by sell-offs from short term traders, but it will also create an entry for those buying in the dip. Hence, Solana’s prices may stabilize at that level if bears are reestablished.
As mentioned earlier, SOL is one of the popular investments in the crypto market because of the power of the Solana network. Its potential is also drawing institutional investors to the token. On June 30, 21Shares AG, one of the leading Exchange Traded Products issuance firms, launched the first Solana ETP in the world at the Swiss stock exchange. The launch will boost global popularity for Solana.
Furthermore, FTX Exchange is partnering with Digital Assets AG to launch tokenized stocks on Solana. Tokenized stocks from 55 companies will be hosted on Solana, including Facebook, Google, Netflix, Tesla, PayPal, and more. This will open the gateway to Solana’s growing dominance in the market.
These developments make the Solana network and SOL tokens more popular and boost value and demand.
Where to Buy Solana
If you want to buy Solana tokens, you can create a crypto exchange account on the following reputable exchanges:
eToro tops the list of reliable and secure exchanges. The exchange charges traders competitive trading fees and friendly features. It offers copy trading, where beginner traders copy the trading strategies of experienced traders, thus increasing their chances of making profits.
Coinbase is one of the earliest and most established crypto exchanges. The exchange is great for a beginner and gives users access to various cryptocurrencies and trading pairs.
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