Solana Rides The Crypto Market Rally, Soars 10% In Value

Solana has not been one to be left out of the action in the broader crypto space.

Sentiment in the crypto market continues to be bullish as the total market cap of cryptocurrencies increased by over 4% in the past 24 hours.

This was after Bitcoin’s fast breakthrough toward $30k, pulling Solana alongside its ascent. According to CoinGecko, Solana’s native token SOL has been up more than 10% in the past 24 hours. 

This is in line with the market’s general sentiment. Along with on-chain data supporting a more considerable upside, SOL investors are on the right track as the market continues to reach higher highs. 

On-Chain, Off-Chain Devs Support Bullish Undertaking On Solana

Solana has been streamlining certain aspects of the Solana blockchain. Recently, they implemented “state compression”, a new system that improves that storing of data on-chain. According to their recent blog post, this will make the minting of NFTs significantly cheaper compared to other blockchains. 

Adding to the bullishness is the nearing launch of the Solana Mobile Saga. The official Twitter account of Solana disclosed that the launch event for the phone would occur this week, April 13.

New hardware and bullish market sentiment aren’t the only things greenlighting investors in the past few days. dAppRadar reveals that on-chain demand for Solana-based dApps is increasing as indicated by massive surges in unique active wallets for these dApps. 

Solana’s DeFi side also benefited from the recent price increase. DeFiLlama shows that TVL on-chain increased by a percent since SOL’s pump. NFT sales also increased by a large margin. Sales increased by over 57% with the number of sellers and buyers increasing at the same tempo. 

At $22.38, Investors Should Target This Price Level

After the token’s momentous rise in the past 24 hours, investors and traders are confident. Long buyers outnumber short sellers as $2.8 million worth of short positions were wiped out. $23.59 is the next few days as this would enable the bulls to target $29.94 shortly. 

Investors and traders should continue monitoring the general market sentiment as this would give them an edge in decision-making. Macroeconomics would also affect the crypto market.

Total market cap of cryptocurrencies tally a few digits up and now at $1.24 trillion on the daily chart at TradingView.com

The broader financial market is experiencing a small rally before crucial macro data is released later this week. April 12 is the date when the consumer price index data will be released. If the CPI data continues to worsen, this week’s gains might be wiped out in a matter of hours or days. 

Keeping the current $21.03 support strong will offer SOL bulls reliable support they can fall back to. However, if the CPI data shows an improving macro situation, we might see an SOL break through $30 in the coming weeks. 

-Featured image from Adam Cornick