Solana On Fire With Over 34% Rally Within A Week – Details

Christian Encila

1 year ago

4 mins read

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The cryptocurrency industry has demonstrated a strong positive trend throughout the course of the week, with leading cryptocurrencies experiencing substantial increases in their market value. Moreover, the price of Solana (SOL) has exhibited superior performance compared to prominent cryptocurrencies, experiencing a notable increase of more than 34% in value over the course of one week.

Solana is a widely recognized Layer-1 network renowned for its scalability. The Solana network is characterized by its rapid confirmation times and has a thriving ecology and community. Over the course of the previous 24-hour period, there has been a notable increase of 15% in the trading volume of the SOL cryptocurrency, accompanied by a positive trend in its price.

Even with its continued stellar performance, Solana is still making waves in the market. According to data from CoinMarketCap, as of October 21, Solana’s spot price was nearly $29, up 9% compared to its previous 24-hour price.

Solana Eyes $31 By 2023

Since the beginning of October, the Solana price has exhibited a confined trading range between $23 and $24, suggesting a lack of enthusiasm among investors for the aforementioned cryptocurrency. Subsequently, the coin underwent a decline in value, leading to a breach of its support level by the price.

The SOL price had a significant gain of 25% throughout the preceding 30-day period. At the time of writing, the market capitalization of the altcoin stands at $9,740,214,861. Based on the Solana price forecast, financial analysts see a potential increase to $31 by the end of 2023.

The current increase in SOL’s valuation is the result of multiple drivers. One key factor is the Solana ecosystem’s rapid expansion and advancement, especially in the field of decentralized finance (DeFi).

SOL market cap currently at $12.5 billion. Chart: TradingView.com

Frankie Candles provided the cryptocurrency community with a window into the extensive growth of the Solana network by sharing visual evidence that demonstrated the bustling activity occurring ‘behind the scenes’ within the Solana network.

This snippet is from my “Is Solana Dead” video. Despite the FTX fallout, $SOL still has a lot going on behind the scenes!

If you want to see the whole video, its on my channel, I will post the link on my X profile! pic.twitter.com/De6j5aNGxx

— Frankie Candles (@Frankie_Candles) October 19, 2023

Can The ‘Ethereum Killer’ Soar Higher?

The token has exhibited a proven trend reversal, transitioning from a bearish trajectory that commenced in July and persisted until September, to a positive trajectory. Following a significant shift in a critical level, the cryptocurrency that is believed to pose a threat to Ethereum may potentially enter a price range of $30.00, which holds psychological significance.

$SOL – Ive been extremely bullish all year.

It’s up 171% this year and we are about to test the big inverse head and shoulders at $30…. next major resistance would likely be $50, once confirmed. 1/ pic.twitter.com/2I0l92xFTR

— Raoul Pal (@RaoulGMI) October 20, 2023

Meanwhile, SOL is approaching a significant pattern testing phase. According to a seasoned macro investor, if the endeavor is successful, it may potentially pave the way for a substantial increase of 66% in value. The individual’s viewpoint is in accordance with the prevailing trend of optimism surrounding the crypto.

Raoul Pal, a famous macro investor and market analyst, has been very positive about SOL for most of the year. The price of the token went up 171% during this time. He also said that there are some signs that the great rise could get even bigger.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured Image from Coin Culture

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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