In the last 24 hours, Solana gained 2.5% while reaching the mark of $182.87. This happened when the whole market showed a positive sentiment and gained a rise of 8.5%.
As of now, Solana’s price showed a positive change by gaining a total of 23.88% in a weekly graph and 19.60% in a monthly graph. A change of 800% is witnessed in the price of this token while comparing it to the last year.
This remarkable change in the coin made it secure 5th position in the crypto world, leaving Lido Staked Ether (STETH) and BNB behind.
By witnessing the momentum based on previous gains, there is no doubt that Solana can be the next Ethereum killer.
Solana Price Prediction: Can SOL Overtake Ethereum?
Solana performed unexpectedly well in the recent week, although it is making some deep corrections. The token is ready to skyrocket its price in the next short-term rally.
The strength Index of SOL dropped to 50 but regained momentum and recovered before dropping to a major price.
Source: TradingView
The 30-day average shows promising signs as it continues to climb above the 200-day average, indicating potential growth for the token.
The trading volume of SOL reached $5.06 billion, a 70.95% high in the last 24 hours. The rising trading volume and increasing price can be clear indications of the spark in its price.
A more positive sentiment takes place after the approval of Ethereum ETFs by the SEC.
The approval of ETH ETFs showed a huge impact on the crypto market, especially on the price of Ethereum. But some of the analysts still believe Solana to be the next Ethereum killer.
Solana‘s total value locked currently stands at $4.9 billion, this indicates a total of 250% increase in its price since the beginning of this year.
This increase is due to Solana becoming the preferred blockchain for meme tokens and NFTs, with its transaction volumes often exceeding Ethereum’s.
The price of Solana is well-positioned to keep growing, possibly reaching $200 in the next few weeks and $250 by Q4.
At the time of writing, Solana is trading for $177 with a market cap of $5.05 billion.
Source: CoinMarketCap
Disclaimer: Please note that crypto is not a game to invest in and make an instant profit. The information provided is just for educating readers. Before investing in crypto, make sure you have full information.
