9/27/2024
Why has the price of Solana (SOL) skyrocketed?
Coingarage Exchange
Why has the price of Solana (SOL) skyrocketed?
Today, the price of Solana (SOL) saw a 4.5% increase, reaching $158.65. The main driver was a report by VanEck, which predicts that the price of SOL could rise to $330, which would mean a potential 50% increase against the price of Ethereum. VanEck highlights Solana's exceptional transaction speed, which can process thousands of transactions per second, making it an attractive option for payments and money transfers.
The rise in the price of SOL is also related to the easing of monetary policy by central banks around the world. For example, the Fed has cut interest rates, which has boosted risk sentiment and attracted investors to the cryptocurrency markets. Solana has broken key resistance levels and appears to have solid support in the accumulation area between $113 and $125.
If SOL manages to hold above the $155.70 level, it may move even higher, towards Fibonacci levels, which could signal a continued bullish trend.
*This is not investment advice.
Coingarage Team