As a seasoned crypto investor with a knack for spotting promising projects and navigating market fluctuations, I find Solana (SOL) to be an intriguing investment opportunity at this moment. Its rapid growth, particularly in the DeFi and DEX sectors, coupled with its expanding ecosystem, makes it a strong competitor to Ethereum.
The price of Solana has dropped by approximately 16.8% since its highest point this year, as the current cryptocurrency surge seems to be slowing down.
On Sunday, the value of Solana (SOL) stood at approximately $220, which placed its total market value at around $105 billion. This positioned Solana as the fifth-largest cryptocurrency by market capitalization.
In simpler terms, there are many factors that could potentially drive up the cost of SOL over a prolonged period. It’s now challenging Ethereum (ETH) as the leading blockchain globally.
Over the past month, I’ve observed a significant surge – approximately 18% – in the Total Value Locked (TVL) according to DeFi Llama. This growth has propelled our assets’ total value over the $9.12 billion mark. Interestingly, our ecosystem is home to roughly $30 billion worth of stablecoins.
In recent times, Solana has emerged as the leading force in the Decentralized Exchange market. Over the past week, its trading volume surpassed $29.7 billion, outpacing Ethereum’s volume of $21 billion. The three largest Solana-based DEX networks are Raydium, Orca, and Meteora.
Solana plays a substantial role in both the Decentralized Public Infrastructure sector and the Meme Coin industry. Its DePIN networks, such as HiveMapper and Helium, are thriving, while the total market capitalization of all Solana meme coins exceeds $19 billion. Notable examples include Dogwifhat, Bonk, Peanut the Squirrel, and Popcat, which hold leading positions in this space.
1) HiveMapper aspires to surpass Google Maps in mapping solutions, boasting a current coverage of approximately 17 million kilometers of roads and a global reach of 29%.
In the coming days, there’s optimism that the new Trump administration might ease crypto regulations and could even endorse a spot-listed SOL ETF. This development may pique institutional interest, as we’ve observed with Ethereum, which has garnered more than $2.26 billion in inflows recently.
Solana price analysis: bullish patterns forms
The daily graph indicates that the SOL price reached its highest point, which was $264.40 on November 22nd. Subsequently, it dipped to $220, then fell further and re-tested a significant support level at $205 – this being the most substantial fluctuation since March of this year, marking the upper boundary of the cup and handle pattern.
A C&H pattern consists of a horizontal line combined with a curved base, and it’s often seen as a strong bullish continuation indicator. Similarly, Solana continues to stay above its 50-day moving average, indicating that the bullish trend persists.
The chart shows a developing falling wedge formation, which is often seen as a positive signal for traders. This suggests that the coin’s price could experience a powerful surge in the near future. Initially, we might see it reaching the yearly peak of around $264, and potentially even soaring to $400 thereafter.
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2024-12-15 20:26