In the crypto world, few coins have seen a journey as remarkable as Solana (SOL). The cryptocurrency has been on an impressive rally, with its value registering a staggering 12.93% gain on the daily chart, reaching a new yearly high at $46 earlier today. This level was last witnessed back in August 2022, making the current surge even more remarkable.
One of the most notable aspects of Solana’s recent performance is its break above the 300-day resistance level at $35. This breach signals the opening of new opportunities for the coin, potentially propelling it to the coveted $40 mark. This bullish momentum has been accompanied by a significant 166.62% boost in the 24-hour trading volumes, underlining the growing interest and enthusiasm surrounding SOL.
SOL is trading at $43.14, representing an impressive 31.96% increase in the 7-day chart. Analyst Scott Melker, in his excitement, took to Twitter to share his thoughts, stating, “Solana just broke the high from before the FTX collapse. SBF is now officially irrelevant. From $8 after FTX to today’s high.”
John E. Deaton, founder of Crypto-Law.us, also chimed in on this remarkable turn of events, highlighting the impeccable timing. As the SBF (Sam Bankman-Fried) trial gets ready to be handed to the jury, Deaton emphasized that “one of the most important takeaways is to understand that SBF and his conduct have NOTHING to do with Crypto.”
Solana Price Prediction
The 80% surge in SOL’s price over the last two weeks is extraordinary, as it manages to recover all the losses incurred over the past year. In the yearly chart, SOL shows an impressive 35% rebound, making it a hot topic in the cryptocurrency world.
In a striking prediction, financial giant VanEck recently published a report envisioning a potential 10,600% price rally for Solana by the year 2030. In the most optimistic scenario, VanEck anticipates the SOL price reaching a staggering $3,211.28 by the decade’s end.
With the current breakout, the immediate target for Solana on the upside is the $46 mark. Surpassing this level would potentially open the gates to a further price rally, with $50 and beyond becoming realistic goals for the SOL community. Solana’s rise is a testament to the dynamism and excitement that continues to define the cryptocurrency market, and it is a coin to watch closely as it aims for new heights.