Solana continues to be the favourite altcoin during the recent bull run. The coin has made tremendous gains and now ranks sixth with a market capitalization of over $60 billion. SOL has surpassed dogecoin and XRP, and buying support for the coin continues to rise despite pullbacks across the broader market.
SOL is trading at $205.76 at the time of writing after a 28.6% gain in 24 hours.
Solana Price Analysis
Solana continues to outshine the rest of the broader market. The coin has already made a new all-time high at $213. The coin’s gains continue to happen despite altcoins failing to register any new and significant gains.
The current Solana bulls do not show any signs of stopping, and the coin is poised for an even larger uptrend. The coin will retest the resistance at $213, which is the new high. Despite slumping to the current $205, buying support will push Solana to these highs again.
If Solana breaks past $213, the next target will be $220, which will pave the way for the coin to rally towards $250. If Solana makes it to $250, its value will have doubled ten-fold from the July 20 lows. More gains by SOL could also see it surpass the market caps of Tether and Binance Coin.
On the flip side, Solana’s uptrend could reach exhaustion soon, and short term traders could decide to sell. In this case, we could see the coin heading towards the lows of $180.
SolRazr, a Solana-based venture capital platform, has revealed the development of the first developer ecosystem on the Solana blockchain. The developer ecosystem will include features such as Accelerator, developer tools and Launchpad. The platform’s objective is to support the growth of DeFi projects on SOL.
Solana’s adoption continues to grow as Cyclos, a new DeFi project on Solana, raised $2.1 million in a funding round to launch the first concentrated liquid automated market maker (AMM) on SOL. This will launch new and unique features for the Solana blockchain.
Where to Buy SOL
To buy Solana during the current bulls, you can create an account on the following exchanges:
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Binance is the most active exchange for trading SOL. It is also the largest exchange and supports a wide range of cryptocurrencies and trading pairs. Binance’s trading fees are also low.
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