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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Solana Shocks The Bears And Ranges On To New ATH , Aims For $50?

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
Solana SOL SOLUSDT

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Solana (SOL) appears to be on a moon mission. In the daily chart, SOL has moved against the current market sentiment and reached a new all-time high at $42,58. After a minor drop, the cryptocurrency trades at $41,79 with even bigger gains in the 7-day (+65.3%) and 30-day chart (+207.2%).

Solana SOL SOLUSDT
SOL on a bullish trend in the daily chart. Source: SOLUSDT Tradingview

Anonymous trader “Kaleo” has been tracking SOL’s price action closely. After forming and breaking a diagonal at $30. Later, SOL reached the higher levels on this range and “cleared HFT resistance”, as Kaleo said.

On the SOL/BTC pair, the former token managed to also secure a new all-time high when it went above the 0.0007 BTC. Driven by this bullish price action, the trader has set $50 as Solana’s next target.

Solana SOLUSDT
Source: Kaleo

On the other hand, trader “Altcoin Sherpa” pointed out SOL’s relatively low trading volume over the past day. The trader is bullish but believes SOL’s “characteristics of accumulation” points to a short-term pullback. If the current trend follows this prediction, SOL could provide a good entry point for investors looking to take long positions.

Solana’s Potential And Ultimate Goal

According to Solanians, the cooperation between this platform and Project Serum, a decentralized derivatives exchange, could potentially “replicate and outperform” the financial system.

Solanians believes Solana is the only project in the crypto space that focuses on improving its throughput and increase its TPS from 50,000 to 500,000 “over the next couple of years”. In doing so, Solana could absorb part of the value in traditional payment networks, VISA and Mastercard, structured products, and the stock market. Solanians said:

But Project Serum presents a path towards adoption. Already, it has the world’s most powerful fully on-chain DEX, and the ecosystem is growing quickly. The structure of Serum is also unique and can bring multiple benefits to the ecosystem.

Solana has seen an increase in developer activity and occupies the 4th position behind Chainlink (LINK), Elgorand (EGLD), and Bitcoin (BTC), per a report compiled by CoinGecko. SOL’s ecosystem is growing at a fast pace and Project Serum already offers an automated market maker, staking, lending and borrowing service, liquidity aggregators, and synthetic assets.

Solana SOL SOLUSDT
Source: Coingecko via Solanians

Analyst Adam Cochran predicts Solana could hit a $152 price if only captures part of its competitors (Binance Smart Chain, Ethereum) market cap. Cochran added on his prediction:

But, this assumes no market growth at all, which at current trajectories seems naïve. At a conservative growth rate of the market of even 15% over the next year, I think we could look at the $300 – $350 range in the new year assuming its able to capture that market.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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