Solana bulls aiming for a huge rally!
With the price of Ada, Cardano’s solana, and other cryptocurrencies soaring, the global cryptocurrency market has once again approached $2 trillion, with Cardano’s Ada currently the third most traded cryptocurrency.
Solana (SOL) is leading through early trading on Friday after posting an impressive performance throughout September.
At the most basic level, SOL tokens may benefit from the increased adoption of their blockchain technology through dApps, particularly in the DeFi and NFT industries.
Lark Davis, a well-known crypto analyst and trader, released an optimistic view of Solana for the upcoming month.
According to him, the blockchain has recently seen the creation of a number of non-fungible tokens (NFTs), which could spark interest in network investors.
Solana A . priceanalysis:
For some time, the price of the SOL coin has been bouncing above 0.5 FIB, trying to get strong support from it.
When the SOL coin price finally broke out of the upper $150 resistance with long green and high volume yesterday, it signaled the end of the small retracement phase.
Today, the price is retesting this level, in an attempt to confirm whether this breakout is legitimate or not.
If Solana manages to break here, it could easily reclaim $160 and even $170 up to the second barrier at $172.45. On the other hand, the rally will only continue as long as the market attitude towards cryptocurrencies remains positive.
At the time of writing, SOL is trading at $166 and has gained 5.22 percent in the past 24 hours. The RSI is at 71, the cryptocurrency trading volume is down 29.0% in the last week, while the total supply traded has increased by 0.58% to over 297.70 million.