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.
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