Solana Sends Shockwaves With The Price Aiming For $50: Price Analysis

Solana sends shockwaves on the market, putting a lot of pressure on the bears and its price aiming for a new ATH towards $50 so let’s find out more in our latest altcoin news today.

Solana seems to be on a moon mission as per the daily charts that we can see SOL moving against the current market sentiment and reaching a new high of $42.58. After a small drop, the cryptocurrency traded at $41 with bigger gains in the weekly charts as well as 207% gains on the monthly chart. Anonymous trader Kaleo was tracking the price action of SOL lately and after forming and breaking a diagonal at $30, SOL hit an even higher level on this range and cleared the HFT resistance as Kaleo pointed out.

On the SOL/BTC pair, the former token managed to secure a new all-time high level when it went above the 0.0007 BTC, and driven by the bullish price action, the trader set a high level of $50 for the price’s next target. On the other hand, trader Altcoin Sherpa pointed out that SOL has a relatively low trading volume over the past day and the trader is now bullish but thinks that the characteristics of accumulation will lead to a short-term pullback. If the current trend follows the prediction, SOL could provide a new entry point for investors that are looking to take long positions.

Solana sends shockwaves on the market with its partnership with Project Serum which is a decentralized derivatives exchange that could potentially replicate and outperform the financial system. Solana supporters believe that Solana is the only project in the crypto space that focuses on improving the throughput and a rise in its TPS from 50,000 to 500,000 over the next few years. By doing this, Solana could absorb a part of the value in traditional payment networks Mastercard and Visa as Solanians said:

“But Project Serum presents a path towards adoption. Already, it has the world’s most powerful fully on-chain DEX, and the ecosystem is growing quickly. The structure of Serum is also unique and can bring multiple benefits to the ecosystem.”

Solana has also seen a rise in developer activity and is right behind chainlink, Elgorand, and Bitcoin. SOL’s ecosystem is growing at a superfast pace and Project Serum already offers an automated market maker, lending and borrowing services, staking, and more. Analyst Adam Cochran predicted that Solana will even hit $152 if it captures a part of its competitors’ market cap.