Altcoins

Solana/SOL is about to reach a brand-new record high

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One of the top ten cryptocurrencies, Solana, has seen price growth and is about to set a new record high. The coin is probably going to stay on an uptrend for a while, pushing the price even higher.

Price Action, New Incoming ATH

Soon, Solana will probably surpass its record high. The price of the currency is presently $204; earlier today, it was trading at $207. However, the coin’s recent price movements position it for a potential breakout from its ATH of $215.

After a recent bear market that lasted nearly five weeks, Solana is now recovering. On September 9th, immediately following the coin’s ATH, this bearish trend started. The coin fell significantly, reaching a monthly low of about $150. With a price increase of more than 27% over the last five days, the coin has started to rebound. It passed through several spots of light resistance between $170 and $200. The coin’s price has changed merely in the last 24 hours.

Solana needs to raise its price by 6% from its current pricing in order to surpass the previous ATH. It’s safe to predict that the token will establish a new ATH in a few days or less based on the coin‘s most recent performance. The $215 level is where the coin now encounters the greatest resistance. Solana will be able to surpass $250 as soon as it overcomes the opposition, and even, as earlier forecasts state, over $270.

The Uptrend in Solana Will Continue

Prices for solana could drastically drop, but that’s quite improbable right now. When Solana reached its highest price in September, it started to decline. But things are largely different now.

In September, after Solana reached its ATH, Bitcoin prices started to fall. The cryptocurrency market as a whole became bearish after bitcoin, which also had an impact on Solana. Since that time, the token has had difficulty getting back to its ATH.

However, both Bitcoin and the market as a whole are currently trending upward. Recently, Bitcoin was able to surpass its previous ATH. Solana will therefore continue to profit from this positive trend and might well surpass $250 if the trend persists for a while.

Developments in Solana Contributed to Growth

For a while, Solana wasn’t regarded as a top asset. However, the most recent network changes propelled this currency to position 6 on coinmarketcap. The token introduced support for smart contracts just like Ethereum did. NFTs and Defi also call it home. Credits for the increase in value are given for smart contract support. Solana will develop further and increase in value when the Dapp is used more frequently.

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