Solana is among the altcoins that have accumulated impressive gains in recent weeks. Currently sitting at over 4000% gain in value, Solana seems to be recovering from some of the losses made in May. SOL investors are enjoying massive gains from the recent boom in value.
In the past 24 hours, the price of Solana has increased by 8.7%. At the time of writing, it is trading at $35.03 on major exchanges.
Solana Price Analysis
Solana’s upswing is registering significant gains for the coin, which is now trying to break critical resistance levels that might create a bullish flag. The next level that the token needs to break past is $40. Such high levels for the token will only be achieved if the broader market continues with its uptrend.
If the $40 level is achieved, SOL bulls will officially have resumed. However, short-term sellers who bought at lower levels might be waiting for this level to reach to sell off their holdings and thus triggering a decline.
On the downside, Solana might fail to attain higher ground and instead retreat to a lower level. A critical lower level for SOL will be below $30, and here, a bearish market will already be in play. However, some buyers may be waiting for such a retreat to jump in and buy SOL. For this, Solana might maintain levels around $30.
Solana makes for good cryptocurrency investment, especially for those who invest because of the underlying technology. With DeFi being on the rise, there is much demand for networks that can support high scalability levels. Solana fits here perfectly because of its capability to support high speeds and low gas fees.
Solanax network is one of the greatest inventions in DeFi, and we might soon see a migration of major DeFi protocols here because of the potential offered by the platform. If this happens, we can expect Solana to be on another major bull run as developers accumulate SOL for staking.
Where to Buy Solana
For those who want to buy SOL tokens, they can do so on the following exchanges:
eToro is one of the reputable exchanges where traders can buy SOL tokens. eToro offers a high sense of security and low trading fees. Moreover, eToro allows new traders to learn from experts using a copy trading feature.
The other exchange that supports Solana is OKEx. The exchange supports a wide range of cryptocurrencies and trading pairs. It is also one of the largest exchanges hence gives traders a high level of liquidity.
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