Crypto
Solana (SOL) Continues to Rise: Trading Volume Surges and Bullish Outlook Emerges
courtesy of bitcoinist.com
Trading Volume Soars by 35% in One Week
Solana (SOL), the rising star in the crypto world, is grabbing the attention of investors as its price soars to an 18-month high, reaching nearly $70. But it's not just the price that's impressive – Solana's decentralized exchanges (DEXs) have experienced a significant surge in trading volume. In just one week, the trading volume has increased by an impressive 35%, surpassing the $3 billion mark. This surge not only demonstrates SOL's strong performance but also solidifies its position as a significant player in the decentralized finance landscape.
Bullish Outlook for Solana's Future
A seasoned trader, known for accurately predicting Bitcoin's floor price in 2018, now has a bullish outlook for Solana's future trajectory. Bluntz, as he is known on Twitter, points to Solana's recent retracement to $54.78 and suggests that a rally may be on the horizon. This insight has sparked anticipation among followers, who eagerly await the market dynamics as guided by Bluntz's market acumen. Bluntz's analysis indicates that Solana's recent correction has positioned it for a significant shift in its market trajectory. Rather than signaling a setback, this correction is seen as a preparatory phase that could lead Solana to establish a new high in 2023.
Potential for Solana to Reach $1,000
Analysts now have the opportunity to forecast Solana's potential future price trajectory based on its recent gains. Trader Jacob Canfield believes that during the next cryptocurrency bull run cycle, Solana could reach an astounding $1,000. However, it's worth noting that the Solana-related FOMO (Fear of Missing Out) effect has peaked a year ago, suggesting that a correction may be on the horizon. According to Bluntz's chart, SOL is expected to rise to around $70 and then $82.50. As of now, SOL is trading at $56.75.
Featured image from Pexels
Hello, I’m Timothy Robinson, News Editor at NewsRoomFeed.com, where I turn the world’s chaos into digestible stories. Blessed with a journalism degree from UNT, I’ve been molding minds and spreading knowledge from the tranquil setting of Denver, CO.
My days are spent in the throes of international affairs, political commentary, and local happenings, but when the laptop closes, you’ll see a completely different side of me. I’m an avid tennis player and cycling enthusiast. I never shy away from a good adventure. My Labrador, Rocky, is always by my side as we explore the great outdoors of Colorado.
Traveling is my stimulant. It’s my way of stepping into new narratives, experiencing different cultures, and appreciating the beautiful tapestry of life. Each new place I visit fuels my creativity and broadens my perspective, which I pour back into my work at NewsRoomFeed.
When I’m not on the road with Rocky or lost in a gripping news story, you’ll find me on the tennis court or cycling around Denver. These hobbies keep me grounded and offer a refreshing escape from the digital universe.
I believe in creating a balance between the hustle of work and the peace in nature. So, if you’re looking for a fresh take on news, a travel companion, or an opponent on the tennis court, don’t hesitate to connect. Let’s turn the page on the ordinary and dive into the extraordinary!
