Solana bulls are back in the spotlight with strong technical advantages and the support of new projects built on the Solana Blockchain, leading the recent recovery in the cryptocurrency market. SOL’s price has surpassed the psychologically important threshold of $100 due to a strong increase in trading volume, and analysts predict the rise could continue up to $150. We have compiled for you the potential 5 triggers of a rally in the popular altcoin SOL.
High Demand for Solana-Based Projects
Solana-centric projects are leading the recovery of the cryptocurrency market in many areas, including decentralized exchanges (DEXs), lending protocols, staking, NFTs, and others. Lending protocols such as Solend, Marginfi, and Kamino, staking protocols like Marinade Finance and Jito, and NFTs from Mad Lads to Tensorians are creating waves in the crypto market despite the spot Bitcoin ETF hype.
Additionally, other Solana-based projects like Helium and Render Network are growing rapidly.
Growth of Solana-Based DEXs and Incoming AirDrops
Solana-based DEXs such as Jupiter, Orca, and Drift are generating large trading volumes. Amidst the JUPITER, WEN, and JUP AirDrops, they even surpassed the leading Uniswap V3 in trading volume. The recent AirDrops have been a great success, leading to Solana surpassing Ethereum on multiple fronts.
Jupiter’s co-founder Meow announced on January 29th that they would conduct an AirDrop every year starting in November and lasting until January.
Solana’s Dazzling 2024 Roadmap
While others look for growth in Layer 2, Solana’s co-founder Anatoly Yakovenko has announced a focus on Layer 1 scaling for unique Blockchain efficiency and innovation. Additionally, developers in the Solana ecosystem are expecting groundbreaking developments, from token extensions to corporate support, indicating a year of significant innovation.
Moreover, Solana’s commitment to completely rebuild its validator client Firedancer promises to optimize network, runtime, and consensus components.
Great Success of Saga Mobile
Following the success of the Saga smartphone, Solana Mobile plans to introduce Saga Chapter 2. The successor to Saga will have new hardware and be more affordable.
As known, the BONK AirDrop led to record-breaking sales of the Saga smartphone and rapid stock depletion. The smartphone’s price increased by over 3000% in one month, causing people to flock to the BONK AirDrop.
SOL’s Price Breaks Through Multiple Resistances
Experienced cryptocurrency analyst Ali Martinez expects SOL’s price to reach $113 as it has broken above the descending channel. Another popular crypto analyst Michael van de Poppe also expects a rise in Solana, stating it is “ready to move upwards.” The analyst predicts SOL’s price, after successfully retesting a high timeframe support at $80, could rise towards $140.
At the time of writing this article, SOL’s price has seen a 7% increase in the last 24 hours, trading at $104.77. The lowest and highest price levels in the last 24 hours were $95.68 and $104.43, respectively. Additionally, the trading volume has increased by 40% in the last 24 hours, indicating a growing interest in the altcoin among investors.