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Bitcoin ETF Issuer Franklin Templeton Bullish On Solana (SOL), Foresees It As 3rd Largest Crypto

In the wake of the November 2022 crypto market crash, which saw the bankruptcy and collapse of FTX and other firms, Solana (SOL) has emerged as a standout performer, experiencing a year-to-date price increase of over 560%. 

With a market capitalization of $67 billion, Solana has secured its place as the fifth largest cryptocurrency, trailing only Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and Tether’s USDT stablecoin.

Despite its substantial growth, asset management giant and Bitcoin exchange-traded fund (ETF) issuer Franklin Templeton anticipates further expansion for Solana as the emerging bull market takes shape. 

Solana Poised For Continued Growth

A recent report released by the firm highlights Solana’s strong position to capture the next wave of crypto adoption, solidifying itself as a major crypto asset alongside Bitcoin and Ethereum.

The report emphasizes that Solana’s growth will continue due to several key factors. Notably, the crypto industry witnessed accelerated activity during Q4 2023, with Solana as a focal point for major airdrops within its ecosystem, such as Jito and Pyth. 

According to the report, these airdrops generated a wealth effect of over a billion dollars, driving up the value of SOL and other Solana ecosystem tokens, particularly meme coins. This surge occurred concurrently with Bitcoin’s upward trend, providing additional momentum to the Solana ecosystem.

Since then, meme coins have gained significant attention, with a substantial portion of activity occurring on Solana. The network has witnessed the creation and trading of numerous meme coins, with some attaining multi-billion-dollar market caps, including Bonk (BONK) and Dogwifhat (WIF).

The Crypto Industry’s Next Big Breakthrough?

According to the asset manager, Solana has demonstrated significant growth over the past year, which is evident in the network’s increased total fees and decentralized exchange (DEX) volumes. The network’s low fees, transaction latency, and high data throughput relative to other networks have contributed to its success. 

Solana’s network effects are expected to strengthen further as its performance improves, positioning it to capture upcoming trends in the crypto space.

The future remains uncertain as crypto enthusiasts ponder the next big thing in the industry. However, Franklin Templeton suggests that there is a strong possibility that Solana could play a pivotal role. 

According to the report, the Solana ecosystem anticipates additional airdrops in the coming months, which will continue to enhance the ecosystem’s wealth effect. 

Moreover, meme coin activity shows no signs of slowing down on the Solana network, further adding to the bullish sentiment surrounding the cryptocurrency and its ecosystem.

Solana

SOL is now attempting to consolidate above the $150 level and has seen a significant 21% increase in the last seven days alone. 

Featured image from Shutterstock, chart from TradingView.com 

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Solana Projected To Reach $500 This Year Despite Market Meltdown, Expert Predicts

Solana (SOL), currently ranked as the fifth largest cryptocurrency with a market capitalization of $56 billion, has experienced a significant decline amid the recent market meltdown affecting the digital asset space. 

Over the past 24 hours, SOL has witnessed an 8% drop, reflecting the broader market downturn. Despite this setback, experts believe that if the cryptocurrency maintains support above the $120 price level, it holds notable potential for a strong price recovery in the coming months.

Bullish Price Outlook And Key Support Levels To Watch 

After reaching a yearly high of $209 on March 18, SOL’s current trading price is $124. However, according to crypto market experts, SOL still has a promising outlook. 

Altcoin Sherpa, a renowned analyst, suggests that if the altcoin market continues to decline, the $120 price level may become an area of significant interest for SOL. 

Altcoin Sherpa maintains a bullish sentiment, strongly believing that SOL can potentially exceed $500 this year. Such a surge would represent a significant 300% price increase from current levels, building upon the impressive 426% year-to-date price growth. 

It is worth noting that this projection is nearly double SOL’s previous all-time high (ATH) of $259, reached during the last crypto market bull run in November 2021.

Solana

In addition to the analyst’s focus on the $120 price mark, other major resistance levels for SOL have been identified. These include $110, $102, and the critical long-term support level at $74, representing SOL’s uptrend structure over the past six months. 

Solana Dominates Blockchain Trading Volume

According to a recent CoinGecko report, Solana has secured its position as the second-largest blockchain by trading volume, commanding a substantial 21.3% market share in March 2024. 

The blockchain platform experienced a notable monthly growth of 244.8%, with trading volume surging to $40.05 billion, a significant increase from $11.61 billion in February. 

Solana’s performance in the first quarter of 2024 was equally significant. It accounted for 14.4% of all decentralized exchange (DEX) trading volume, totaling $62.31 billion. 

This represents a quarter-on-quarter (QoQ) growth of 242.7% compared to the previous quarter’s volume of $18.18 billion. Despite strong growth, Solana’s market share in the same quarter ranked fourth, trailing behind Binance Smart Chain (BSC).

Solana

According to CoinGecko, Solana’s trading volume has been greatly bolstered by several factors. Firstly, the doubling in the price of Solana’s native token, SOL, has attracted increased attention and trading activity on the platform. 

Additionally, the network has witnessed large airdrops from projects such as Jito (JTO) and Jupiter (JUP), further fueling trading volume. Moreover, the surge in memecoins on the Solana network has significantly contributed to its trading volume. 

Notably, the launch of Book of Memes (BOME) in March proved successful, as it achieved a market capitalization of $1 billion within two days. BOME also secured listings on crypto exchanges like Binance and Bybit, further amplifying trading activity on Solana.

Featured image from Shutterstock, chart from TradingView.com

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Solana Price Jumps 7% On Bitcoin And Ethereum ETF Approvals, Network Congestion Update

Solana’s price saw a notable recovery on Monday after a steep decline over the past seven days. This was supported by positive developments in the Bitcoin (BTC) and Ethereum (ETH) markets, which came alongside the approval of exchange-traded funds (ETFs) for both cryptocurrencies in Hong Kong. 

Additionally, Solana addressed its ongoing network congestion issues with a new update, aiming to rectify transaction failures and outages.

New Update Tackling Implementation Bug

According to Mert Mumtaz, CEO of Helius Labs, Solana’s recent network congestion issues were attributed to an implementation bug rather than a fundamental design flaw. Mumtaz clarified that Solana’s current predicament results from a flaw in implementing a specific protocol. 

According to Anza, a spin-off of Solana Labs, Solana has released a new update to its validator client software to combat this. The update, v1.17.31, aims to reduce network congestion and will be followed by further improvements in v1.18.

Anza emphasized the update’s significance, urging MainnetBeta validators to adopt it. The enhancements introduced in the update are expected to mitigate Solana’s ongoing network congestion issues. 

Furthermore, validators were advised to upgrade their systems when there is less than 5% delinquent stake, ensuring they have sufficient time to monitor the node after the upgrade.

Any issues encountered during the upgrade were to be reported to ⁠mb-validators. Solana Status, a trusted source, corroborated the announcement, recommending the v1.17.31 release for general use.

Trent.sol, Solana’s developer and operations manager, emphasized that the effectiveness of the update would be proportional to its adoption across the network. 

While the improvements primarily target Solana’s Stake Weighted Quality of Service (SWQOS) and may not result in significant changes to the reliability of unstacked Tensor processing units (TPU) traffic, Solana users were advised to keep delinquency below 5% during the upgrade process. 

Furthermore, Anza hinted at additional enhancements in the pipeline, urging users to stay tuned for further updates.

Solana Price Rebounds With 7% Surge

After unveiling updates to enhance network efficiency, the Solana price has surged by over 7%. This surge has helped offset the ongoing downtrend experienced by Solana, which amounted to nearly 21% over the past month. 

In addition, the Hong Kong SFC has officially approved several spot Bitcoin and Ethereum ETFs, including asset managers such as China Asset Management, Bosera Capital, HashKey Capital Limited, and an in-principle approval for Harvest Global Investments. 

This regulatory approval has not only positively impacted the prices of Bitcoin and Ethereum but has also instilled a sense of positivity in the overall cryptocurrency market. As a result, the top 10 cryptocurrencies have witnessed significant uptrends, riding on the wave of these developments.

Despite the recent surge in Solana’s price, SOL’s trading volume has decreased by -44.70% in the last 24 hours, indicating a recent decline in market activity, according to CoinGecko data. 

Solana’s current trading price of $151.40 presents the first obstacle in the cryptocurrency’s path toward further price gains. If this hurdle is surpassed, the next significant resistance lies at $170, which would signify a recovery of SOL’s gains recorded over the past month. 

On the other hand, the $130 mark has proven to be a strong support level for Solana, representing the foundation of SOL’s one-month bullish structure, which propelled its price rally to nearly three-year highs of $210 on March 18.

Solana Price

Featured image from Shutterstock, chart from TradingView.com

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Solana (SOL) Price Rally Over? What The Fundamentals Say

Solana (SOL) has recently become a focal point of discussion among investors and analysts. After surging from below $22 to a high of $210 within six months, and currently trading at around $174—a nearly 700% increase—questions arise about the sustainability of its price rally.

Despite the impressive surge, SOL remains 50% shy of its November 2021 all-time high of $260. The recent consolidation pattern over the past four weeks suggests a cooling off period. As the market looks forward, understanding the underlying fundamentals becomes crucial.

Jamie Coutts, Chief Crypto Analyst (CMT) at Real Vision, notes in an analysis, “While Solana’s outperformance has waned in the past month, it is still the best-performing network in the past 12–18 months by a country mile. […] Solana’s price adjustment seems abrupt but is aligned with fundamental indicators that suggest a stabilizing rather than diminishing value proposition,” Coutts explains.

Solana Fundamentals Remain Strong

Solana’s Daily Active Users (DAUs) have risen dramatically, up more than 400% over the last nine months. This growth places Solana in a rarefied group of networks boasting over 1 million DAUs. Despite not reaching its 2021 peak DAUs, which may have been inflated by synthetic activities linked to the FTX exchange, the nature of engagement on Solana has evolved.

“The ecosystem is maturing; the engagement we see today is fundamentally different—more diverse and significantly more integrated with real-world applications,” Coutts remarked. He highlighted the burgeoning sectors contributing to this growth, including artificial intelligence, decentralized finance, consumer applications, and the burgeoning memecoin and NFT spaces.

With a significant retracement from its 2021 peak price, Solana’s market capitalization has still managed to hit new highs this cycle, suggesting a broadening base of investment and valuation recalibration. “The Network Value to User (NVU) ratio indicates that while the asset appreciation is notable, it’s the user growth that provides a compelling story for Solana,” Coutts notes.

At present, Solana’s NVU ratio fluctuates between 50-100, reflective of a balanced growth-to-value dynamic when compared with other networks where speculative value often outstrips user growth.

One of the standout metrics for Solana this cycle has been its fee revenue, which has seen a sixfold increase in a nine-month period. Daily fees now average $1.8 million, a fortyfold increase. This surge is largely attributable to the network’s increasing utilization across various applications.

“Fee income not reaching its peak is a misnomer; what’s crucial is that the financial underpinnings of the network—highlighted by fee income—are stronger than ever,” Coutts emphasized. He also compared Solana’s fee income, which reached about 20% of Ethereum’s in March, demonstrating its growing financial stature within the ecosystem.

Solana Vs. Ethereum And Future Outlook

While Solana still lags behind Ethereum in terms of total dApps, its economic indicators are robust. With 134 dApps, compared to Ethereum’s 2,702, Solana’s dApp cash flow intensity is second only to Ethereum, indicating a high monetization capability per application. “Solana’s smaller, more potent suite of applications is driving economic efficiency that rivals even the largest networks,” states Coutts.

Despite the speculative components associated with memecoins and airdrops driving part of the transaction volume, Solana’s adjusted fee growth metric isolates and highlights genuine economic activity. With a staggering real fee growth rate of 3,259.7%, Solana leads all networks in this metric.

“While some underlying activities might be transitory, the intense and growing usage of Solana’s blockchain is undeniable evidence of its utility and viability,” Coutts concludes.

As Solana continues to develop and expand its ecosystem, the fundamental analysis underscores a network that not only maintains robust health and economic vigor but is also poised for future growth. This paints a picture of a blockchain platform that, despite market volatilities, remains a leading player in the crypto landscape, backed by strong fundamentals and promising growth metrics.

At press time, SOL traded at $173.47.

Solana price

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Solana Open Interest Drops $370 Million Amid Network Troubles, $200 Still Possible?

Amid the issues that continue to plague the network, the Solana open interest has seen a drop in the last week. This drop coincides with a decline in the cryptocurrency’s price, suggesting that investors may be getting wary of waiting for a fix to come through.

Solana Open Interest Drops By $370 Million

Solana saw its open interest rise steadily since the start of 2024, hitting an all-time high after an all-time high in the process. Between January and April, the Solana open interest went from around $1.22 billion to hit a new all-time high of $2.86 billion on April 1. This translates to an over 100% increase over this three-month period.

However, since hitting this new milestone, the cryptocurrency has encountered issues which have presented in the form of a network halt. Around a week ago, Solana users noticed that the blockchain had stopped processing transactions as usual, leading to a standstill in network activities.

Expectations at the time were that the network would be back up and running in a matter of hours like it usually does. However, this has proven not to be the case, as the network is going on a week of downtime, one of the longest in its history.

Since the network issues began, the SOL open interest has been falling as traders take a more cautionary approach. Coinglass data shows that the open interest is currently sitting at $2.39 billion on April 19, down $370 million from its all-time high, which is a 12.9% decline in around a week.

Solana open interest

Open interest measures the total number of outstanding futures and options contracts, so it means that traders have been closing their positions during this time.

SOL Network Ready To Bounce Back?

Developers are still working on getting the Solana network back on track but it has not been an easy road. Even now, the network continues to battle the blackout, with developers giving a week as an estimated delivery time for the network to be back on track.

CEO of Helius Labs, Bert Mumtaz, revealed in an X (formerly Twitter) post that the current issues were being caused by an implementation bug. This bug has been the reason there have been more failed transactions on the network. Mumtaz also clarified that this bug does not equal a design flaw in the fact that it is relatively easier to fix.

The CEO explained that a patch for this implementation bug would still take a while and that developers are shooting for a fix by April 15, which was a week from the post. However, he added that this date was subject to change in the case where other bugs are discovered in testing.

Following Mumtaz’s post, the Solana community is waiting with bated breaths for the network to return to fill operation. In the meantime, the price of Solana and other coins in the ecosystem has taken a hit. Bears have pushed down the SOL price as low as $175. However, the expectation is that SOL will come back with a vengeance once the network is operational again.

Crypto analyst Ash Crypto has said that they expect that the price of SOL will eventually rise above $400. If this is correct, then the present predicament will be a short-lived roadblock in Solana’s rise.

Solana price chart from Tradingview.com (Open interest)

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FTX Estate Offloads $1.9 Billion Worth Of Locked Solana (SOL) Tokens In Sale

In a significant development, FTX bankruptcy trustees have reportedly sold about two-thirds of a $2.6 billion stash of Solana (SOL) at a “deeply discounted price.” 

Industry figures such as Galaxy Trading and Pantera Capital were among the investors involved in the deal, according to people familiar with the matter, as reported by Bloomberg.

SOL Tokens’ Four-Year Journey

Per the report, the FTX estate was able to sell between 25 million and 30 million locked-up Solana coins at $64 each, generating up to $1.9 billion in proceeds for the estate. 

Under Mike Novogratz’s Galaxy Digital, Galaxy Trading managed to raise approximately $620 million for a fund established to purchase SOL from the FTX estate. According to the report, investors in the vehicle will be subject to a 1% management fee, and the investment will offer a yield through staking.

It is worth noting that the 41 million Solana tokens sold by the FTX estate are locked according to a pre-agreed vesting period, preventing them from being available for trading on the market. 

According to Bloomberg, these tokens will gradually become available for sale over the course of four years, which could significantly impact SOL’s price action. However, as the tokens remain locked, SOL’s 739% year-to-date (YTD) uptrend remains intact, and the possibility for further gains remains in the cards.

Solana Sale Garners Interest From Prominent Figures

FTX co-founder Sam Bankman-Fried, convicted of fraud and sentenced to 25 years in prison, was a major supporter of SOL. 

As previously reported, Bankman-Fried has actively engaged with guards at the Metropolitan Detention Center, where he is currently incarcerated. He offers investment advice and recommends SOL as a potential opportunity, demonstrating his bullish sentiment on the protocol. 

The token, which operates on the Solana blockchain, constituted a significant portion of the digital assets stranded on the collapsed exchange, creating shockwaves throughout the crypto markets. 

In addition to Galaxy Digital, Bloomberg notes that selling SOL tokens has attracted the attention of Pantera Capital. This $5.2 billion asset manager has reportedly raised capital for a special fund to acquire up to $250 million of SOL from the FTX estate. 

Vancouver-based Neptune Digital Assets Corp. also announced the purchase of 26,964 SOL tokens for $1.7 million on March 27. However, FTX creditors are concerned they will be under-compensated in the SOL sale process. 

Creditors Dispute FTX Bankruptcy Ruling

In January, the judge overseeing the bankruptcy case ruled that the amount of each claim should be based on what the customer or creditor was owed on the day FTX filed for bankruptcy. At that time, SOL was trading at about $16, well below its current market price.

As the price of SOL rallied in recent months, this discrepancy became a point of contention for some creditors. One creditor, Sunil Kavuri, expressed during Bankman-Fried’s final sentencing hearing that the SOL coins are “our property.” 

Another creditor, whose name was redacted in court documents, stated in a written statement that the FTX estate is “giving away money for free to hedge funds.” In a recent interview, Bankman-Fried claimed the following regarding clients’ growing concerns about underpayment: 

I’ve heard and seen the despair, frustration, and sense of betrayal from thousands of customers; they deserve to be paid in full, at current price. That could and should have happened in November 2022, and it could and should happen today. It’s excruciating to see them waiting, day after day. 

Solana

Currently, the price of SOL stands at $175, reflecting a decrease of up to 6.7% within the last 24 hours and over 7% over the past week.

Featured image from Shutterstock, chart from TradingView.com 

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Injective Whales Go On $24.8 Million Buying Spree, Is This The Next Solana?

Injective (INJ) may be on the brink of a potential price surge following a recent wave of accumulation by crypto whales. This would undoubtedly be a much-needed relief for the INJ token, which has dipped significantly in the last seven days. 

Crypto Whales Buy $24.8 Million Worth Of INJ

Data from the market intelligence platform Santiment shows that Whale Addresses recently bought $24.8 million worth of INJ, bringing their total holdings to 10.69 million INJ. This purchase is significant considering the impact that crypto whales have on the market. As such, a purchase of such magnitude could provide a much-needed boost to INJ’s price. 

Injective, like the broader crypto market, has been on a steady decline over the last week, dropping by over 14% during that period. The crypto token has also suffered a reversal of fortune, as it currently has a year-to-date (YTD) decline of over 9%. That is shocking for a token that enjoyed a 3000% gain in 2023 and even outperformed Solana (SOL), whose rally was one of last year’s major talking points.

However, a major correction like this was expected for INJ’s price, which enjoyed a sustained rally last year, suggesting it was possibly overbought at some point. A price decline like this one is necessary for the crypto token to once again establish itself and make another move to the upside. 

Injective Could Follow Solana’s Trajectory

Crypto analyst Crypto Dona recently suggested that Injective could follow a similar path to SOL’s price action in 2021. Back then, SOL is said to have been stuck between the $20 and $40 price range for more than 100 days. However, just when everyone was about to give up on SOL, it went on a massive run and saw a ten times increase in its price. 

The crypto analyst expects something similar to happen with INJ’s price, stating that a 10x might be around the corner. Injective, being an AI (artificial intelligence) coin, is also likely to keep attracting much attention heading into the latter stages of this bull run. That could reflect positively on its price since more liquidity will flow into its ecosystem. 

The recent purchase by these crypto whales also underlines the bullish sentiment toward the crypto token despite its current unimpressive price action. Members of the INJ community have also expressed optimism about the token’s future trajectory, with Crypto Dona, in particular, stating that its price is still going to three digits. 

At the time of writing, INJ is trading around $32, down over 5% in the last 24 hours according to data from CoinMarketCap. 

Injective price chart from Tradingview.com

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Solana Whales Are Making Moves – Here’s The Direction They’re Headed In

The price of Solana had briefly crossed $200 before tumbling back down in the last week. This move has triggered a wave of movement across the market, and whales are now showing their hands. Over the last day, there have been a number of notable whale transactions and their destinations could give an inkling as to how these large crypto investors are looking at the market right now.

Solana Whales Move Hundreds Of Millions Worth Of SOL

The whale movements began on Monday when the market had first begun to slow down, with the Solana price falling below $190. The on-chain data tracking platform Whale Alert, reported these transactions, a number of which seemed to happened right next to one another.

The first transaction was one carrying 993,453 SOL which was worth $189.55 million at the time. Then minutes later, the tracker reported the movement of another 1,895,729 SOL worth $361.7 million. Not too long after, it reported a third transaction carrying 1,096,940 SOL worth $209.29 million. Then, the last transaction in this row of transactions was 1 million SOL, valued at $190 million at the time of the transaction.

Now, all of these Solana transactions had originated from unknown wallets and their destination were also unknown wallets. This means that the owners of these wallets are not publicly known and their addressed have not been tagged. In such cases, it could suggest that these whales are selling their tokens over the counter in order to minimize the impact of their selling on the market market. However, it could also be that these whales are just redistributing their coins.

Nevertheless, the whale movements didn’t end here as a couple of hours later, the on-chain tracker would report the movement of massive amounts of SOL once more. This time around, a whale moved 149,999 SOL worth a little over $27.79 million from an unknown wallet to the Binance exchange.

This transaction deviates from the previous four transactions in the fact that its destination is a crypto exchange. Usually, when investors move their coins to exchanges such as Binance, it is to sell their tokens and a $27.79 million sale could put a lot of pressure on the SOL price.

The next whale transaction reported after this was an amore positive one though which involved the movement of 146,121 SOL worth $26.83 million from the Kraken exchange to an unknown wallet. In this case, it is likely that the whale is withdrawing their coins for safekeeping as they wait for better prices. This reduces the selling pressure on the asset.

Even with these whale movements, the SOL price continues to hold up quite nicely. If the selling pressure continues to fall and the pressure from Bitcoin’s price decline is finally lifted, then SOL price could quickly rally above $200 once again.

Solana price chart from Tradingview.com

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Solana Price Could Explode By 80% If This Happens: Crypto Analyst

In line with the broader trend in the overall crypto market, the Solana (SOL) price has fallen by 7.5% in the last 24 hours. However, according to renowned analyst Rekt Capital, there is no reason to switch to the bearish side.

In a recent technical analysis, the crypto analyst highlighted that Solana is currently showing potential for an 80% price rally based on its present consolidation pattern. According to Rekt Capital, Solana is trading within what appears to be a bull flag formation, as depicted on the weekly SOL/USD chart from Binance.

A Bull Flag pattern occurs after a strong, almost vertical price rise and is characterized by a downward-sloping consolidation that resembles a flag on a pole. The “pole” is formed by the initial price surge, while the “flag” represents a period of consolidation with converging trendlines.

Solana price analysis

Traders often watch for a decisive breakout above the flag, which can signal the continuation of the prior uptrend. In Solana’s case, the analyst points out that Solana recently faced a rejection at the top of the bull flag pattern at $208, indicating a short-term setback in its upward trajectory.

“And if Solana keeps this up, it may form a Bull Flag here before breaking out to challenge that Range High $208 resistance again,” Rekt Capital noted.

However, the bottom of this bull flag, which stands at approximately $184, is identified as a critical support level that needs to be maintained to keep the bullish momentum alive. Should Solana manage to hold above this level, the setup may favor the continuation of the uptrend.

Notably, Rekt Capital adds that while occasional dips or “wicks” into the $173 range are acceptable, the price must generally remain above the $184 support on the weekly time frame to validate the bullish outlook. The $173 price level is marked by a blue horizontal line on the chart, serving as an additional support zone.

In terms of price targets, the chart reveals an 80.57% potential rally from the bottom of the bull flag (“pole flag”), which could translate into a target price of approximately $330 if the bull flag pattern is confirmed in the coming days or weeks.

Solana Bears Gain The Upper Hand On The Lower Time Frames

On the lower time frames, like the 2-hour chart, the Solana price lost some momentum, indicating potential short-term consolidation or downward movement. SOL experienced a sharp -13% decline, breaking through a significant upward trendline (black) that had previously provided support throughout an ascending trajectory.

Solana price

The price has sliced through the Fibonacci retracement levels plotted from the swing low at $162.68 to the swing high at $204.19, currently hovering around the 0.618 Fib level at $178.54. Typically, this level serves as a strong support zone, but a sustained break below could accelerate losses toward the next levels at 0.786 ($171.56) and potentially the full retracement at $162.68.

Volume indicators show a marked increase in selling pressure during the price dip, which substantiates the current bearish momentum. Furthermore, the Relative Strength Index (RSI) has plummeted to 29, teetering on the edge of the oversold territory. This suggests that sellers are in control, but also raises the possibility of a relief bounce if the RSI dips further into oversold conditions and triggers a reactive buying response.

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Solana (SOL) Breaks Through Key Resistance, Analyst Forecasts $250 Price Target

Solana (SOL) has experienced a notable resurgence in its bullish momentum, with a rebound of over 9% in the past 24 hours. This notable performance has outpaced the top 10 largest cryptocurrencies in terms of market capitalization.

The latest surge in SOL’s price has allowed it to surpass its resistance level on the daily chart at $184. The remaining hurdle of $201 now stands as the final barrier to prevent further gains for the cryptocurrency. 

However, industry experts and crypto analysts suggest that SOL’s price action indicates a potential continuation towards its previous all-time high of $259, achieved during the market’s bullish run in November 2021.

SOL  Price Expected To Breakout And Target All-Time Highs

One analyst, “Jelle,” highlights SOL’s successful transformation of the last significant resistance level into support, suggesting a positive outlook for the token’s future. The analyst predicts that the SOL price will continue to rise and potentially exceed $250 by the summer.

Similarly, another analyst using the pseudonym Mikybull points out that SOL is currently consolidating within a symmetrical triangle pattern on a daily timeframe. 

Solana

According to the analyst, a breakout from this pattern is expected to trigger an “explosive” price movement, aiming to reach its previous all-time high levels at around $255.

Supporting SOL’s renewed bullish momentum, CoinGecko data reveals a significant increase in trading volume, with $4,514,426,127 traded in the last 24 hours. This represents a 74.20% surge compared to the previous day, indicating a notable surge in market activity. 

Solana Metrics Demonstrate Growing Investor Interest 

According to data from Token Terminal, Solana’s key metrics further highlight the use and adoption of its blockchain among investors. Starting with market capitalization, the fully diluted market capitalization is $99.32 billion. This figure represents the total market value if all tokens were in circulation. The fully diluted market capitalization over the past 30 days has increased by 70.0%. 

On the other hand, the circulating market cap, which only considers the tokens currently in circulation, is valued at $77.05 billion. It has witnessed a 30-day growth of 71.3%.

Solana

Examining fees generated through transactions on the Solana network, the 30-day fees amount to $51.46 million. This represents a notable surge of 220.7% within 30 days, highlighting increased network usage and demand. When annualized, the fees reach $626.15 million.

In terms of revenue, Solana has seen positive growth. The 30-day revenue is $25.73 million, reflecting a significant increase of 220.7% over the past month. When annualized, the revenue amounts to $313.08 million, showing the sustainable income generation within the Solana network.

Solana

It remains to be seen if these metrics and bullish momentum will sustain SOL’s path to its current all-time highs.

Featured image from Shutterstock, chart from TradingView.com

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Top 3 Solana Meme Coins To Buy Amid The Bitcoin Crash That Could 10x

As the Bitcoin price crash has ravaged the crypto market and left altcoins suffering, it has presented a unique buying opportunity for meme coins that may never come after this time. So here are the top 3 meme coins that could 10x your portfolio from here.

Solana-Based Myro Leads Meme Coins With Potential

Solana-based meme coins have been all the rave over the past year and with good reason as well. These meme coins have done so well in such a short time, coming up to compete with established Ethereum-based meme coins which have been around for years.

With the likes of WIF and BONK already crossing the $1 billion market cap market, the hunt is on for other Solana-based meme coins that could achieve this same feat, and that is where the Myro token comes in. Myro currently has a $200 million market cap, which makes it a prime candidate for crossing $1 billion. However, its most bullish developments have been its exchange listings.

Myro scored a Binance perpetual listing last month, which pushed its market cap above $400 million for the first time. It has since retraced, but this retracement is similar to what was seen with WIF, which fell back down to $180 million at a point. If Myro follows the WIF playbook, then its next leg up could see it rise more than 5x above the $1 billion mark.

Popcat: Another Solana Meme Coin On The Rise

Popcat is another Solana meme coin that has made waves in the space over the past few months. After a long stretch of consolidation, the price had eventually broken out in February to reach a new all-time high price of $0.37 in mid-March.

The price has since retraced a little over 50% since then and is now back to $0.17 with a market cap of $167 million. As with the majority of other meme coins, the total supply of the token is in circulation, which means there are no more unlocks coming up.

At the current market cap, reaching the $1 billion mark would be an over 500% increase for the meme coin. And with the bull market coming up, the price of Popcat could rally higher, bringing a more than 10x return for investors.

Wen (WEN) Meme Coin

Wen (WEN) is another Solana-based meme coin that has hit the crypto space in the last few months. Starting out as an airdrop for users of the Solana-based Jupiter decentralized exchange, it has quickly grown among meme coin investors as one of the more stable investments.

Just like the other meme coins on this list, the WEN token shows a lot of promise because it is still under a $200 million market cap. This puts it at an at least 5x move to $1 billion, with a possible 10x when it reaches the $2 billion market cap mark.

Solana price chart from Tradingview.com (Meme coins)

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Solana Surpasses Ethereum In Major Metric Amid Surge Above $200

Solana has recently become one of the trendiest cryptocurrencies in the space, capturing the interest of both crypto investors and enthusiasts in the space. The popular cryptocurrency has witnessed a significant surge in network activity, surpassing even that of Ethereum, the world’s second-largest cryptocurrency. 

Solana Outpaces Ethereum Network Activity

On March 16, Solana experienced a major increase in its overall network activity, pushing its capacity to its limits amidst the growing demands. The network had surged past Ethereum’s total trading volume and exceeded its daily trading volume by more than $1.1 billion, according to data by DefilLama.   

Specifically, Solana’s 24-hour trading volume had recorded almost $3 billion, surging past Ethereum’s daily volume of $2.04 billion. During the surge, the network witnessed an unprecedented amount of trading activities, which resulted in failed transactions and a surge in ping times. 

As highlighted by Solana Validator, the cryptocurrency network’s ping time on March 18, had jumped to a staggering 46 seconds, causing about a 30% to 40% failed transactions. The validator’s report also revealed a steady and rapid increase in Solanan’s transaction count, recording over 276 million transactions at the time of writing, with about 2,107 transactions per second. 

This rise in Solana’s network activity has been attributed to the surge in interest in Solana-based meme coins. On Thursday, March 14, degens eagerly sought after a new meme coin called Book of Meme (BOME), which had experienced an unprecedented bullish spike that triggered its market capitalization to rise from almost zero to a staggering $1.45 billion. 

During these periods, the price of Solana also rallied alongside, witnessing an unexpected price surge that propelled it by more than 30% in the past week. The cryptocurrency has been on a steady momentum since the beginning of the year, displaying slight price corrections before continuing on its upward trajectory. 

SOL Price Rides The Bullish Wave

Amidst Solana’s burgeoning popularity and rising transaction volumes, the cryptocurrency saw a price increase to more than $200, reflecting a daily surge of approximately 8.9%, at the time of writing. The cryptocurrency’s market capitalization is also up by 11.10%, recording over $89 billion and steadily closing towards the $100 billion mark. 

Due to its overwhelming network activities and growing popularity, Solana has successfully gained the position of the 4th largest cryptocurrency by market capitalization, overtaking BNB Chain (BNB) by more than four billion, according to CoinMarketCap. 

Moreover, the cryptocurrency has reached peak levels globally in terms of Google search interest,  hitting a new all-time high. This surge has been attributed to the increasing interest and demand for the popular digital asset. 

Solana price chart from Tradingview.com (Ethereum)

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Solana Market Cap Set To Skyrocket 1,000%, Says Crypto Fund CEO

Joe McCann, the CEO and CIO of the crypto hedge fund Asymmetric, recently made a bold statement on X (formerly Twitter), forecasting a $1 trillion market cap for Solana. McCann’s argument hinges on several key points that detail why he believes Solana has achieved product-market fit (PMF) as “The Chain for Retail,” juxtaposing it against Ethereum’s challenges and perceived shortcomings for retail users.

Solana Beats Ethereum

McCann critiques Ethereum for not being designed with retail in mind, pointing out its slow and expensive Layer 1 (L1) transactions, alongside the user experience (UX) nightmare posed by its numerous Layer 2 (L2) solutions. He states, “Ethereum is not a chain designed for retail – the L1 is too slow and expensive and the L2s are (currently) a UX nightmare.”

The friction for new users, fragmented liquidity across over “40 L2s”, and the complications with bridging are highlighted as significant barriers to Ethereum’s adoption by a broader retail audience.

Turning his attention to corporate-backed open-source projects like Coinbase’s L2 solution, Base, McCann acknowledges their potential to solve some UX issues. However, he also notes the inherent priority of such projects to serve corporate interests, often at the expense of broader community needs.

Despite his critique, he admits, “Most corporate open source ultimately ends up serving corporate priorities…and it should!” This acknowledgment underscores the complexity of balancing corporate involvement in blockchain development with the ecosystem’s decentralized ethos.

McCann attributes Solana’s rise to its ability to serve the retail segment effectively, particularly through its association with memecoins and speculative trading. Describing Solana as originally being “Blockchain at Nasdaq speed” for its high throughput and low latency, he notes a pivotal shift in its narrative towards retail.

He observes, “Not once has the concept of being The Chain for Retail™ ever surfaced. Until now.” This shift is largely credited to Solana’s embrace by the memecoin community and the speculative trading that follows, marking a clear PMF with retail users.

Highlighting the explosion of memecoin speculation on Solana, especially post-NFL season, McCann points out, “Since the NFL season ended, speculation on memecoins has exploded…BONK and WIF are on Solana. […] Thousands of them are being created everyday and trading volumes are exploding.”

Meme coins go parabolic

The extensive creation and trading volumes of these coins on Solana are seen as a testament to its appeal and utility for retail speculators. Notably, the majority of memecoins is on Solana, not Ethereum.

”Trading Bots aka the ‘Robinhood-ification of crypto’ has been driving the majority of the trading due to its…great UX. […] And the majority of those bots are trading memecoins on Solana. Solana is now consistently flipping Ethereum in DEX volumes yet for some reason, SOL is still 1/4th the value of Ethereum, it was 1/8th just a few days ago,” McCann noted.

Trading bots

He contrasts Solana’s market cap with Ethereum’s, using their relative valuations to argue for Solana’s growth potential. With Ethereum valued at just under $500 billion and Solana at about $115 billion, he suggests that Solana’s path to a $1 trillion market cap represents a nearly 10x growth opportunity, far outpacing the potential for Ethereum.

“ETH to $1T is a double. SOL to $1T is nearly a 10x. Which horse are you gonna bet on? The fastest one, obviously,” McCann concludes, encapsulating his bullish outlook for Solana based on its retail-friendly ecosystem and the vibrant activity around memecoins.

At press time, Solana traded at $201.27.

Solana price

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Crypto Pundit Says God Candle Is Imminent For This Solana-Based Meme Coin

The crypto analyst who correctly called Dogwifhat’s (WIF) parabolic run has identified another Solana-based meme coin that could see a significant move to the upside. The analyst further suggested that WIF and this crypto token have striking similarities. 

A ‘God Candle’ Incoming For Myro Meme Coin

Crypto analyst Bluntz Capital mentioned in an X (formerly Twitter) post that it won’t be long before the Myro (MYRO) token sees a god candle. The analyst added that everyone would wish they had bought the meme coin when it finally breaks its current all-time high of $0.4 and “starts doing rapid multiples.”

In a previous X post, Bluntz had suggested that MYRO is the next Solana-based meme coin to take off following WIF’s run to the top. The analyst had correctly predicted that WIF would attain the heights it is currently at right from when it was still trading at around $0.29. Back then, he stated that the meme coin would go “turbo parabolic.”

Bluntz suggested that MYRO could follow a similar trajectory to WIF’s rise as he highlighted that both meme coins have the same chart pattern. MYRO, making a similar run to WIFs, could see it become the latest meme coin to join the billion-dollar club in terms of market cap. MYRO’s market cap currently stands at $340 million. 

Meanwhile, Bluntz isn’t the only analyst that MYRO could see a parabolic price surge soon enough. Crypto analyst Crypto Shadow also hinted that the meme coin will likely go “parabolic” soon enough. He believes this move to the upside will see MYRO rank with top meme coins like Dogecoin (DOGE), Pepe (PEPE), and FLOKI. 

Solana-Based WIF’s Insane Run

WIF, another Solana-based meme coin, is currently having an insane run, similar to the kind of run other top meme coins like DOGE and Shiba Inu (SHIB) enjoyed during their breakout year in 2021. As a result, WIF is currently enjoying a year-to-date (YTD) gain of over 1,700%, making it one of the most profitable crypto tokens since the beginning of 2024. 

WIF’s run has also seen it surpass BONK as the most valuable Solana meme coin, boasting a market cap of over $3 billion to BONK’s $2 billion. WIF now ranks as the fourth-largest by market cap, behind DOGE, SHIB, and PEPE. However, if it somehow sustains this bullish momentum, it could soon surpass PEPE. 

Bluntz previously mentioned that WIF will flip at least two meme coins in this market cycle (it already flipped BONK) and further suggested that it could rise to become the second most valuable meme coin, only behind DOGE. 

MYRO price chart from Tradingview.com (Solana)

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Solana Demand Soars As Institutions Buy Up SOL At A Massive 870% Premium

Solana (SOL) looks to be attracting the attention of institutional investors, with this Solana fund trading as high as an 870% premium following SOL’s bullish momentum. These investors’ interest in the SOL token isn’t surprising as on-chain metrics suggest it is still undervalued, and a parabolic rise might be on the horizon. 

Grayscale Solana Trust Trades At A Premium 

Per data from Grayscale’s website, the Grayscale Solana Trust (GSOL) is currently trading at $317 per share, representing a significant premium from SOL’s current price. The premium had risen to 870% on March 8 when GSOL was trading at $540. Shares in the fund are designed to track the value of SOL’s price, allowing institutional investors to have exposure to the token without holding it. 

The disparity between the share price of GSOL and SOL’s price might be because institutional investors are limited in the means to gain exposure to SOL. As such, a fund like GSOL could see its price increase exponentially (just like now) when there is increased institutional demand for the SOL token.

Institutional interest in SOL is also evident from NewsBTC’s recent report that crypto-focused asset manager Pantera Capital is raising funds to buy $250 worth of SOL. Investors are likely to jump on this opportunity, considering that these SOL tokens will reportedly be sold at a fixed price of $59.95, meaning there is an opportunity to make significant gains from the deal. 

SOL Still Greatly Undervalued

Crypto analyst Hansolar suggested that SOL was still undervalued when he mentioned that the crypto token might not take off until BTC and ETH hit new all-time highs (ATH). He also predicted that SOL could rise to as high as $600 in this bull cycle. Meanwhile, the argument about SOL being undervalued is backed by the fact that it is still far off from its ATH of $260. 

Crypto tokens are known to set a new ATH in every bull run, and there is every likelihood that it won’t be different for SOL this time around. Moreover, SOL and the Solana network are gaining much traction heading into this cycle, which should contribute to more price surges for the SOL token. 

Solana recently registered an ATH in the number of daily new addresses, with many users onboarded into the ecosystem. This increased interest in the network has been partly due to its DeFi landscape, which is going head-to-head with Ethereum’s, and the current meme coin frenzy on Solana, which has attracted investors. 

At the time of writing, SOL is trading at $152, up over 2% in the last 24 hours, according to data from CoinMarketCap. 

Solana price chart from Tradingview.com

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Pantera Capital Plans $250M Solana (SOL) Buy, Analyst Predicts Record Rally Toward $1000

Pantera Capital, a prominent crypto-focused asset manager with assets totaling $5.2 billion, has launched a fundraising campaign to purchase discounted Solana (SOL) tokens from the bankrupt estate of crypto exchange FTX. 

According to Bloomberg, the initiative, known as the Pantera Solana Fund, offers investors the opportunity to purchase up to $250 million worth of SOL tokens at a significant discount to the FTX estate.

Solana Token Acquisition Plan

Pantera Capital’s marketing materials, shared with prospective investors in February and reviewed by Bloomberg, outline the opportunity to purchase SOL tokens at a price 39% below the 30-day average or at a fixed price of $59.95. 

However, Bloomberg notes that investors participating in this opportunity must agree to a vesting period of up to four years. This approach reportedly allows FTX liquidators, led by John J. Ray III, to offload SOL tokens gradually, freeing up funds for creditors without exerting immediate downward pressure on the token’s price.

According to Pantera’s pitch document, the FTX estate currently holds approximately 41.1 million SOL tokens, valued at $5.4 billion as of the close of Wednesday’s trading session. This constitutes roughly 10% of the total supply of SOL tokens. 

According to its investor pitch, Pantera aimed to close the fund by the end of February. Although the amount raised by the deadline remains undisclosed, sources familiar with the matter confirmed to Bloomberg that Pantera has secured some funds.

Investors interested in participating in the Pantera Solana Fund must commit a minimum of $25 million. Pantera Capital plans to charge a management fee of 0.75% and a performance cut of 10%.

Apart from its substantial SOL token holdings, FTX and its sister firm, Alameda Research, have invested significantly in startups within Solana’s broader ecosystem. 

According to Bloomberg, FTX’s venture arm, Solana Ventures, and Lightspeed Venture Partners jointly announced a $100 million blockchain gaming fund in November 2021.

Ultimately, the estate’s intention to sell these tokens presents an opportunity to raise funds to repay creditors, considering the notable surge of SOL’s price in the past year. SOL has experienced a staggering 650% increase, trading nearly four times its price when FTX faced its crisis in November 2022.

Crypto Analyst Forecasts SOL To Shatter Previous ATH

SOL, the fifth-largest cryptocurrency by market capitalization, has continued its remarkable upward trajectory and is currently trading at $147.

The token’s price has increased significantly by 14% in the past 24 hours alone, and over the course of 30 days, it has soared by an impressive 56%. 

Despite this uptrend, SOL remains 43% below its previous all-time high (ATH) of $259, achieved in November 2021. However, crypto analyst Altcoin Sherpa believes that SOL will break its previous ATH during this market cycle, with the only uncertainty being the size of the break.

Altcoin Sherpa suggests that reaching $500 is highly probable, and an even more astonishing milestone like $1000 is not entirely out of the question. The analyst further emphasizes its confidence in SOL’s potential, stating that it remains one of their more substantial investments. Altcoin Sherpa also highlights the next significant level to watch for SOL, which is $170.

Solana

Featured image from Shutterstock, chart from TradingView.com 

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Solana On A Roll: Crypto Analyst Predicts Push To $600

Like almost every other crypto token in the market, Solana (SOL) is enjoying a rally of its own, rising to nearly $125 in the last 24 hours. Interestingly, this looks like only the beginning of good things to come for the crypto token, as crypto analyst Hansolar predicts that it could run massively in this bull cycle. 

SOL To Rise To $600

Hansolar mentioned in an X (formerly Twitter) post that SOL will rise to $600. This “fun” target was laid on the premise that SOL could be the new ETH this cycle. Assuming this is the case, the analyst expects SOL to take off later than BTC and ETH. This is because ETH took off when BTC broke into all-time highs (ATHs) during the last bull run. 

Therefore, SOL, following a similar trajectory to ETH in the last cycle, might not take off until BTC and ETH break into ATHs. Hansolar suggested that SOL’s takeoff will be sparked by retail, stating that there will be a time when these investors buy into the crypto token “as the high beta catch-up play.”

Hansolar also offered more evidence to suggest that SOL is likely to replicate ETH’s run in the last bull cycle. He stated that the crypto token was currently at around 50% from its ATH, similar to how ETH was around the 50% mark as BTC was nearing its ATH in the last cycle. Meanwhile, Hansolar offered “fun” targets for Bitcoin and Ethereum, stating they will hit $150,000 and $10,000 in this bull cycle. 

Interestingly, Hansolar’s $600 price prediction for Solana looks very conservative compared to Crypto YouTuber Jake Gagain’s prediction that SOL will hit $750. The analyst stated that the crypto token will hit this price level by next year. 

Between Solana And Ethereum

Crypto analyst Santiago Santos once echoed similar sentiments to Hansolar when he drew a comparison between Solana and Ethereum, noting that the former is going through what the latter did during the ICO boom. He, however, suggested that Solana would perform way better than Ethereum, as it is seeing “meaningful usage and growth,” unlike Ethereum then. 

Santos further asserted that Solana would “converge on Ethereum faster than most believe.” Solana, commonly referred to as the “Ethereum Killer,” has indeed been on the heels of Ethereum as of late. Solana even once surpassed Ethereum in 7-day DEX (decentralized exchange) volume. 

The tremendous rise in Solana’s network activity is believed to be one of the factors driving SOL’s price and what could push it to hit the $600 mark and possibly $750, like Gagain predicted.

At the time of writing, SOL is trading at around $124, up over 13% in the last 24 hours, according to data from CoinMarketCap. 

Solana price chart from Tradingview.com

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Solana Drops Below 100-Day MA On 4-Hour Chart, SOL Price In Danger?

Having failed to break its previous high for the year, the price of Solana has continued to move downward. From the height of $118.88, the coin, which is currently ranked 5th in the crypto space with a total supply of 440,961,455 SOL and a market capitalization of $58.2 million,  has made a drop of over 25% and is not showing any signs of stopping.

As of the time of writing, the price of SOL was up by 2.76% and trading around $102.63, below the 100-day moving average in the last 24 hours. Meanwhile, in the daily timeframe, the price has dropped a bearish candlestick, indicating that the price is still bearish.

The moving average indicator generally is used to determine the trend of an asset, which could be an uptrend or downtrend. Since the price of Solana is trading below the 100-day moving average, could this mean that the price has changed from an uptrend to a downtrend?

Solana On The 4-Hour Chart

A technical examination of the chart from the 4-hour timeframe and with the help of a trend line we can see that two resistance levels of $118.88 and $114.87 have been created by previous price movement. We can also see that the price has broken the support level of $103.57. Therefore, the price for the next destination might be the $92.84 support level. 

This can be seen in the image below:

Solana

Also, taking a look at the 4-hour timeframe chart with the help of the MACD indicator in the above image, we can see that the MACD histogram is trending below the MACD zero line. Both the MACD line and the signal line have crossed and are trending below the MACD zero line, suggesting that the price of SOL is bearish and could continue to move downward.

A final look at the chart with the help of the Bull Power Vs. Bear Power Histogram indicator, we can see that the histograms are trending below the zero line. This suggests that buyers have completely lost momentum in the market, and sellers have taken over it. Thus, the price will tend to move downward. 

We can see this in the image below:

SOL price

Possible Outcomes If The SOL Price Continues To Drop

If SOL continues to drop, we might see the price moving toward the support level of $92.84. Also, if it manages to break below this level, the price might move further downward toward the $79.32 support level.

Presently, Solana is seeing minor upsides of 1.3% in the last 24 hours, according to data from CoinMarketCap.

Solana price chart from Tradingview.com (SOL price)

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Crypto CEO Says Get Ready For Solana To ‘Rally Higher Again’ With New Target

Founder and Chief Executive Officer (CEO) of Evai Crypto Ratings, Matthew Dixon, has expressed optimism about the Solana future price outlook, projecting a new bullish target for the cryptocurrency. 

CEO Predicts Bullish Outlook For Solana

In a recent post on X (formerly Twitter), Dixon shared a Solana and USD pair price chart originally published on TradingView, a crypto analysis platform. The crypto CEO indicated that the ongoing price correction for Solana, identified as “wave 4 (blue)” on the price chart, has not concluded and is expected to experience further declines. 

He predicted that the ongoing wave 4 (blue) would reach a price level similar to Solana’s previous price correction, albeit to a lesser degree. The Evai CEO also anticipates that after the conclusion of the recent correction, Solana may experience a price rally once again.

Previously, Solana witnessed a major surge, nearly surpassing the $125 threshold. However, the cryptocurrency lost a substantial portion of its gains as the bullish hype faded, eventually settling below the $100 price mark at some point. 

Additionally, on Tuesday, February 6, the Solana blockchain was temporarily halted due to an outage, resulting in no new blocks being produced for over 25 minutes. This unexpected disruption significantly impacted the overall sentiment of the cryptocurrency, causing slight declines in the price of SOL. Following this, a solution was coordinated among validators, and the network officially resumed operations. 

Presenting another price chart for Solana, Dixon has projected a new upside target of $120 for the cryptocurrency. The crypto CEO has stated that despite the recent blackout, Solana has maintained both short-term and long-term positive prospects. Nonetheless, investors are advised to anticipate a potential mid-term price correction for the cryptocurrency. 

SOL Price Surges Above $100 Mark

Reports from Santiment, a global market intelligence platform, have also indicated a bullish outlook for Solana. Earlier on Thursday, the crypto data platform disclosed on X that Solana is currently dominating the altcoin market and has become one of the few cryptocurrencies outperforming Bitcoin. 

Santiment shared a price chart illustrating Solana’s recent price action, showcasing a robust climb over the past few days. According to their data, in the last 36 hours, Solana’s price relative to Bitcoin has increased by over 4.5%. 

The cryptocurrency market intelligence platform disclosed that the outage earlier this week has instigated “Fear, Uncertainty and Doubt” (FUD) amongst investors, contributing to the current price rebound in Solana. 

Solana rallied by almost 5% in the last day, and at the time of writing, the cryptocurrency is trading at a price of $105.46, reflecting a weekly increase of 4.39%, according to CoinMarketCap. 

Solana price chart from Tradingview.com

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Why This Crypto Report Suggests Solana As A Main Focus For The Next Bull Market

A recent ‘Navigating Narratives’ report by K33 Research provided insights on how to trade altcoins. Interestingly, as part of their analysis, they highlighted Solana (not ETH) as the main focus and elaborated on why this was so. 

Why Solana Is The Main Focus

The report, written by DeFi Analyst David Zimmerman, stated that they were focusing primarily on buying SOL if there was an opportunity to buy lower. They claim the reason for this is that “SOL has solidified its place in the market as one of the market leaders.” They also expect that SOL’s outperformance of ETH will continue in this market cycle. 

Meanwhile, Zimmerman highlighted how SOL’s on-chain activity has continued to flourish and noted that the narrative of SOL being ETH’s main competitor was still intact. The Solana network has long been dubbed the “Ethereum Killer,” with the belief that the former will dethrone the latter at some point. 

Indeed, Solana has gone toe-to-toe with Ethereum in recent times, momentarily surpassing it in significant metrics. Back in December, Solana ranked above Ethereum in seven-day DEX volume for the first time in history and outperformed it in NFT trading volume during that same period. More recently, Solana’s Jupiter outranked Ethereum’s Uniswap in daily trading volume. 

SOL also outperformed ETH last year, with the former seeing a gain of about 1000%. Crypto analyst Santiago Santos also recently gave his opinion on Solana and Ethereum’s fight for dominance. Comparing Ethereum’s run during the ICO boom to Solana’s current run, he noted that Solana had an edge since it has “applications seeing meaningful usage and growth.” 

This happens to be one of the reasons he believes that Solana will “converge on Ethereum faster than most believe.”

What Price Levels Present Buying Opportunities For SOL

Having explained why SOL was the main focus among altcoins, the Navigating Narratives report highlighted price levels they were eyeing in case in case the market gives deeper pullbacks for SOL. These levels include the $70, $50 and $30 price range. 

However, they noted that they weren’t expecting the $30 buy order to be filled since it would require a crash like the one that happened in March 2020. This was the period when Bitcoin lost almost half of its value in a two-day plunge. Other crypto tokens also experienced similar pain then.

Meanwhile, if SOL continues to rally, K33 Research highlighted the $115 and $140 price ranges as ideal areas for selling and taking profits. 

At the time of writing, SOL is trading at around $99, up in the last 24 hours according to data from CoinMarketCap. 

Featured image from Adobe Stock, chart from TradingView