HomeCryptoSolana (SOL) price leads the crypto market in the last week

Solana (SOL) price leads the crypto market in the last week

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The cryptocurrency market has seen a large rally in recent hours, with Bitcoin surpassing the $67,000 barrier. That momentum infected the main altcoins, which are showing strong positive numbers in terms of performance. However, it is the price of the Solana token (SOL) that presents the best performance of this new rally in the cryptoverse.

Over the last 24 hours, the coin shows an increase of 7.44%, which extends to 16.2% in a week. In this way, the exchange value of the token rose in a few days from the stagnation of $140 to the current $170 per coin.

If BTC’s push continues in the coming hours, SOL may be very close to $200. Although it is a very optimistic possibility now, there are few elements that can stop the rise of the fourth most important currency in capitalization.

It is worth mentioning that the trading volume on Solana experiences a notable increase of 300%, which suggests that $200 is not a far-fetched forecast in the short term.

The resurgence in demand for meme assets causes activity on this network to have its current momentum. In short, the entire environment surrounding the currency is presented as a prelude to further price increases.

Solana price presents the best performance in the cryptocurrency market during the last week. Fountain: CoinMarketCap

Solana’s price is ready for $200, according to experts

But if the bullish expectations for the Solana price are great from a fundamental point of view, from a technical point of view they are not timid either. For example, from the portal CoinCodex They applied 32 technical indicators, of which 29 point in the bullish direction and only 3 in the bearish direction.

Meanwhile, market sentiment is 91% bullish, according to the index of that same analysis portal. However, in the weekly predictions, prices do not indicate an expectation close to $200 per coin. Consequently, for next May 22 and 23, the price would continue at $170 dollars. These CoinCodex predictions are from a technical point of view, which means they are not exact.

Returning to the news context, expectations for SOL suggest further momentum. Network usage data is consistent and the $2.7 billion in activity cannot read more than an optimistic view in the short term.

Analysts of TheCryptoBasic, although they trust in the Solana price reaching $200, they do not rule out stagnation at a certain point. Thus, they explain that the resistance area at $180 dollars would be fundamental when it comes to waiting for the currency to reach $200 or not in the short term.

Disclaimer: This work is for informational purposes only and should under no circumstances be taken as an invitation or investment advice. Cryptocurrencies are highly volatile assets and placing capital in them can lead to total losses.

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