Solana Shocks The Bears And Ranges On To New ATH , Aims For $50?
Solana (SOL) appears to be on a moon mission. In the daily chart, SOL has moved against the current market sentiment and reached a new all-time high at $42,58. After a minor drop, the cryptocurrency trades at $41,79 with even bigger gains in the 7-day (+65.3%) and 30-day chart (+207.2%).
Anonymous trader “Kaleo” has been tracking SOL’s price action closely. After forming and breaking a diagonal at $30. Later, SOL reached the higher levels on this range and “cleared HFT resistance”, as Kaleo said.
On the SOL/BTC pair, the former token managed to also secure a new all-time high when it went above the 0.0007 BTC. Driven by this bullish price action, the trader has set $50 as Solana’s next target.
On the other hand, trader “Altcoin Sherpa” pointed out SOL’s relatively low trading volume over the past day. The trader is bullish but believes SOL’s “characteristics of accumulation” points to a short-term pullback. If the current trend follows this prediction, SOL could provide a good entry point for investors looking to take long positions.
Solana’s Potential And Ultimate Goal
According to Solanians, the cooperation between this platform and Project Serum, a decentralized derivatives exchange, could potentially “replicate and outperform” the financial system.
Solanians believes Solana is the only project in the crypto space that focuses on improving its throughput and increase its TPS from 50,000 to 500,000 “over the next couple of years”. In doing so, Solana could absorb part of the value in traditional payment networks, VISA and Mastercard, structured products, and the stock market. Solanians said:
But Project Serum presents a path towards adoption. Already, it has the world’s most powerful fully on-chain DEX, and the ecosystem is growing quickly. The structure of Serum is also unique and can bring multiple benefits to the ecosystem.
Solana has seen an increase in developer activity and occupies the 4th position behind Chainlink (LINK), Elgorand (EGLD), and Bitcoin (BTC), per a report compiled by CoinGecko. SOL’s ecosystem is growing at a fast pace and Project Serum already offers an automated market maker, staking, lending and borrowing service, liquidity aggregators, and synthetic assets.
Analyst Adam Cochran predicts Solana could hit a $152 price if only captures part of its competitors (Binance Smart Chain, Ethereum) market cap. Cochran added on his prediction:
But, this assumes no market growth at all, which at current trajectories seems naïve. At a conservative growth rate of the market of even 15% over the next year, I think we could look at the $300 – $350 range in the new year assuming its able to capture that market.