Solana 
$241 (SOL) has recently drawn attention due to its impressive rise over the past weeks. While the cryptocurrency approaches a critical resistance level, market optimism remains strong among traders. An increase in Tether’s USDT supply and interest in meme coins are supporting this upward trend. Technical analyses suggest that Solana may enter a significant expansion phase.
Tether’s $2 Billion USDT Supply Impacts the Market
In the cryptocurrency market, Tether’s movements are being closely monitored. The company issued $2 billion in USDT within a 24-hour period, directing all of it to exchanges. The demand for stablecoins boosts traders’ purchasing power, reflecting a strategy that Tether has employed in previous bull markets. This operation is particularly aimed at meeting the demands of retail and institutional investors, thereby increasing liquidity in the market.
Following this move, an optimistic atmosphere has prevailed in the markets. Traders believe that Tether’s supply increase will support price hikes in Solana and other cryptocurrencies. On social media, investors express that “the printing of USDT could indicate an upward trend.”
Technical Analysis and Price Targets
Solana’s technical outlook suggests that the upward trend may continue. After consolidating for an extended period in the $145-240 range, the asset has broken a significant resistance level. Analysts note that this breakout occurred with high volume, creating a strong bullish signal.
According to Elliott Wave Theory, Solana has entered its third expansion wave, which could gradually increase the asset’s price to levels of $325, $650, and $1946. The last target implies an 810% increase from the current price. However, analysts also emphasize that Solana could find support around $240 and $145 levels.
The cryptocurrency has surpassed Ethereum 
$3,104 in decentralized exchange (DEX) trading volume. This development indicates that Solana is strengthening its market dominance. Analysts predict that Solana could approach its all-time high during this bullish cycle.
Solana’s Rise May Continue
Tether’s provision of liquidity to the markets and Solana’s technical outlook instill hope among traders. Solana’s performance has positioned it as one of the best-performing cryptocurrencies among the top 10. Market conditions should be monitored closely, as traders must navigate the rapidly changing market dynamics.
Solana’s growth in the cryptocurrency market could open up new opportunities. Technical analyses continue to support Solana’s upward potential, influenced by major market players. However, it remains crucial to exercise caution in investment decisions.
