Solana is one of the safe havens in the crypto market right now. While all other altcoins are in the red zone, SOL is among the few maintaining profitability levels, which could be attributed to the potential of the newly launched Solanax DEX platform.
At the time of writing, SOL is trading at $30.48 on major exchanges, after a 13.4% increase in 24 hours.
Solana Price Analysis
The Solanax platform will be launching an Initial Exchange Offering (IEO), and its private sale is slated to end on June 25. This sale is expected to boost the demand and value of the token. Investors speculating that prices will rise during that period could be causing the recent SOL uptrend with hopes that SOL’s price will surge.
Solana’s largest decline was in May when the token went to trading at support levels of $19.50. However, the price created a new buying position for short-term traders, and this helped reverse the bears. In June, the token has been in constant fluctuations, mainly attributed to the broader crypto market.
The current support level for SOL remains at $30, but there is a high likelihood that bulls may gain higher ground. If the token manages to hold above the $30 support levels, it will build momentum for it to push to $40. Such a bull trend is sustainable, at least for the short term.
On the downside, if Solana closes below $30 at any trading period this week, it will create an overwhelming selling pressure that could renew the downtrend experienced in May. Such a flip could push SOL to support levels of $20 and $22, and we might see the $19.50 figure being achieved again.
Solana’s uptrend to the higher side is possible because of the increased use cases of its blockchain. Solana is one of the fastest blockchains because it works with a unique proof of history consensus. Estimates reveal that the blockchain processes transactions faster than Visa.
We might see DeFi developers joining Solanax soon to launch NFTs and other DeFi protocols. These developers will have to purchase SOL tokens to use the blockchain, hence increasing the value of SOL. To this end, Solana makes a great investment, especially for investors who want to hold for the long term.
Where to Buy Solana
If you want to buy SOL tokens, you can do so at the below exchanges:
The top exchange for buying Solana is eToro. The crypto exchange comes with a wide array of features that will boost profitability. Besides, eToro offers a high sense of security and low trading fees. If you have never traded cryptocurrencies before, eToro will help you learn through copy trading.
Binance is also a reputable exchange that offers a wide range of tradable assets. As the largest global exchange, users have many cryptocurrency pairs they can select from. Besides, Binance is available in many countries and has some of the lowest trading fees.
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