Solana is largely known as Ethereum’s biggest contender. The network is reputed for its high scalability and transaction processing efficiency. Solana’s native token, SOL, has been making significant gains in the past few weeks, with the majority of these gains being attributed to the ongoing market support.
Solana is trading at $39.57 at the time of writing after a 7.2% gain in 24 hours.
Solana Price Analysis
Solana, also known as the Ethereum killer, is on a rising streak, and it has garnered significant gains in the past week. SOL gains have almost reached 40% on a weekly scale, and it is now headed towards breaking new monthly highs.
If the current SOL uptrend continues, traders could see the token heading towards $42. Buying support at this level could also create room for the token to break past the $46 price created in early June. Gearing towards $50 could enable SOL to break past the all-time high of $58.03, created on May 18.
Market support is currently very strong, and this could push SOL towards an even higher up streak.
On the downside, Solana could fail to register new highs and instead retreat to lower levels, especially if a trend reversal in the broader market happens. In this case, SOL could head retesting the $36 support level. Nevertheless, this month’s gains will only be erased if SOL pushes below $30.
The largest decentralized finance (DeFi) lending platform, Aave, has announced plans to extend to Solana. Stani Kulechov, Aave’s CEO, stated that Aave’s lending and borrowing services could soon launch on Solana through Neon Labs. Increased adoption of the Solana network inches it closer to being a formidable competitor to Ethereum.
Solana also recently gained a major advertisement boost after featuring during the Lollapalooza music festival. Solana sponsored one of the stages used in the festival where a large banner appeared during Katy Perry’s stage performance. The social media buzz from this event is also attributed to the weekly SOL gains.
Where to Buy SOL
To buy SOL during the current weekend bulls, you can create an account on the following platforms:
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