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Cryptocurrency sector tokens continue to record gains under the influence of investors and the leading cryptocurrency, while Bitcoin (BTC) and Solana (SOL) are making steady progress and could indicate even more significant gains in the near future.
Solana’s Recent Test
Overall, Solana has recently broken out of a rising triangle pattern that it had been forming for over two months or since the beginning of 2024. A cryptocurrency analyst known by the pseudonym CryptoJelleNL commented on social media about the matter:
Solana has retested in an alarmingly deep manner and then made a turbo jump.
As the cryptocurrency expert also explained, considering such chart pattern movements, Solana, currently the fifth largest asset by market value in the crypto world, is likely on the way to a major bullish rally.
Current Data on Solana
In addition to optimistic price movements, Solana-based decentralized exchanges (DEX) recorded their best week ever in terms of volume, reaching $11.24 billion between February 25 and March 2. Moreover, Solana was trading at a price level of $132.01 at the time of writing. This level represents a 1.19% increase over the last 24 hours and contributes to an 18.96% gain over the previous seven days, as well as a 35.95% increase.
Considering all these circumstances, the smart contract platform Solana is ready for even higher gains, provided it maintains its upward momentum and other factors such as volumes in its DEXs continue to support this effort. Consequently, while cryptocurrencies like Bitcoin and Solana are increasing their gains, signs of a major bullish rally in Solana can be observed. The increase in volume on decentralized exchanges and price stability indicate the possibility of higher gains in the future.
