Tag Archives: SOL price prediction

Bitcoin

Bitcoin ETF Issuer Franklin Templeton Bullish On Solana (SOL), Foresees It As 3rd Largest Crypto

Within the wake of the November 2022 crypto market crash, which noticed the chapter and collapse of FTX and different companies, Solana (SOL) has emerged as a standout performer, experiencing a year-to-date worth improve of over 560%. 

With a market capitalization of $67 billion, Solana has secured its place because the fifth largest cryptocurrency, trailing solely Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and Tether’s USDT stablecoin.

Regardless of its substantial development, asset administration large and Bitcoin exchange-traded fund (ETF) issuer Franklin Templeton anticipates additional enlargement for Solana because the rising bull market takes form. 

Solana Poised For Continued Progress

A latest report launched by the agency highlights Solana’s robust place to seize the subsequent wave of crypto adoption, solidifying itself as a serious crypto asset alongside Bitcoin and Ethereum.

The report emphasizes that Solana’s development will proceed because of a number of key components. Notably, the crypto trade witnessed accelerated exercise throughout This autumn 2023, with Solana as a focus for main airdrops inside its ecosystem, corresponding to Jito and Pyth. 

In keeping with the report, these airdrops generated a wealth impact of over a billion {dollars}, driving up the worth of SOL and different Solana ecosystem tokens, significantly meme cash. This surge occurred concurrently with Bitcoin’s upward development, offering extra momentum to the Solana ecosystem.

Since then, meme cash have gained vital consideration, with a considerable portion of exercise occurring on Solana. The community has witnessed the creation and buying and selling of quite a few meme cash, with some attaining multi-billion-dollar market caps, together with Bonk (BONK) and Dogwifhat (WIF).

The Crypto Business’s Subsequent Large Breakthrough?

In keeping with the asset supervisor, Solana has demonstrated vital development over the previous yr, which is clear within the community’s elevated whole charges and decentralized change (DEX) volumes. The community’s low charges, transaction latency, and excessive knowledge throughput relative to different networks have contributed to its success. 

Solana’s community results are anticipated to strengthen additional as its efficiency improves, positioning it to seize upcoming developments within the crypto area.

The longer term stays unsure as crypto fans ponder the subsequent large factor within the trade. Nonetheless, Franklin Templeton suggests that there’s a robust risk that Solana might play a pivotal function. 

In keeping with the report, the Solana ecosystem anticipates extra airdrops within the coming months, which is able to proceed to reinforce the ecosystem’s wealth impact. 

Furthermore, meme coin exercise reveals no indicators of slowing down on the Solana community, additional including to the bullish sentiment surrounding the cryptocurrency and its ecosystem.

Solana
The every day chart reveals SOL’s worth restoration over the previous seven days. Supply: SOLUSD on TradingView.com

SOL is now making an attempt to consolidate above the $150 degree and has seen a big 21% improve within the final seven days alone. 

Featured picture from Shutterstock, chart from TradingView.com 

Disclaimer: The article is supplied for instructional functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your individual analysis earlier than making any funding selections. Use info supplied on this web site totally at your individual danger.

Bitcoin

Solana Projected To Reach $500 This Year Despite Market Meltdown, Expert Predicts

Solana (SOL), presently ranked because the fifth largest cryptocurrency with a market capitalization of $56 billion, has skilled a major decline amid the current market meltdown affecting the digital asset area. 

Over the previous 24 hours, SOL has witnessed an 8% drop, reflecting the broader market downturn. Regardless of this setback, specialists imagine that if the cryptocurrency maintains assist above the $120 worth degree, it holds notable potential for a powerful worth restoration within the coming months.

Bullish Worth Outlook And Key Help Ranges To Watch 

After reaching a yearly excessive of $209 on March 18, SOL’s present buying and selling worth is $124. Nevertheless, in response to crypto market specialists, SOL nonetheless has a promising outlook. 

Altcoin Sherpa, a famend analyst, suggests that if the altcoin market continues to say no, the $120 worth degree could turn out to be an space of great curiosity for SOL. 

Altcoin Sherpa maintains a bullish sentiment, strongly believing that SOL can doubtlessly exceed $500 this yr. Such a surge would signify a major 300% worth enhance from present ranges, constructing upon the spectacular 426% year-to-date worth development. 

It’s value noting that this projection is almost double SOL’s earlier all-time excessive (ATH) of $259, reached over the last crypto market bull run in November 2021.

Solana
The 1-D chart reveals SOL’s worth downtrend over the previous month. Supply: SOLUSD on TradingView.com

Along with the analyst’s deal with the $120 worth mark, different main resistance ranges for SOL have been recognized. These embrace $110, $102, and the essential long-term assist degree at $74, representing SOL’s uptrend construction over the previous six months. 

Solana Dominates Blockchain Buying and selling Quantity

In keeping with a current CoinGecko report, Solana has secured its place because the second-largest blockchain by buying and selling quantity, commanding a considerable 21.3% market share in March 2024. 

The blockchain platform skilled a notable month-to-month development of 244.8%, with buying and selling quantity surging to $40.05 billion, a major enhance from $11.61 billion in February. 

Solana’s efficiency within the first quarter of 2024 was equally important. It accounted for 14.4% of all decentralized trade (DEX) buying and selling quantity, totaling $62.31 billion. 

This represents a quarter-on-quarter (QoQ) development of 242.7% in comparison with the earlier quarter’s quantity of $18.18 billion. Regardless of robust development, Solana’s market share in the identical quarter ranked fourth, trailing behind Binance Good Chain (BSC).

Solana
Prime 10 blockchains by DEX buying and selling quantity as of March 2024. Supply: CoinGecko

In keeping with CoinGecko, Solana’s buying and selling quantity has been drastically bolstered by a number of components. Firstly, the doubling within the worth of Solana’s native token, SOL, has attracted elevated consideration and buying and selling exercise on the platform. 

Moreover, the community has witnessed giant airdrops from tasks equivalent to Jito (JTO) and Jupiter (JUP), additional fueling buying and selling quantity. Furthermore, the surge in memecoins on the Solana community has considerably contributed to its buying and selling quantity. 

Notably, the launch of Guide of Memes (BOME) in March proved profitable, because it achieved a market capitalization of $1 billion inside two days. BOME additionally secured listings on crypto exchanges like Binance and Bybit, additional amplifying buying and selling exercise on Solana.

Featured picture from Shutterstock, chart from TradingView.com

Disclaimer: The article is offered for instructional functions solely. It doesn’t signify the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You’re suggested to conduct your personal analysis earlier than making any funding selections. Use data offered on this web site fully at your personal danger.