Today, the price of SOL has increased by 1%, reaching $153.69, even as the broader crypto market experiences a 0.5% dip over the last 24 hours. Solana has risen by 8% this week and 18% over the past month, boasting a remarkable 535% increase over the year. This growth is accompanied by a 24-hour trading volume of $2.5 billion, indicating strong demand for the altcoin.
Solana is on an upward trend after moderate declines last week, with indicators showing improved momentum. Its RSI has climbed from 30 to nearly 60, suggesting a resurgence of buyer interest. The crucial price level to watch is $155; surpassing this could pave the way for Solana to break its medium-term resistance around $160. The potential for further gains is also supported by recent developments, such as Grayscale’s application to convert its multi-crypto digital fund, which includes SOL, into an ETF.
Last month, Solana outperformed rival layer-one networks in transactions, driven by traders and developers leveraging its network for trading and issuing meme tokens. With Jump Crypto enhancing the Firedancer client to potentially handle 1 million transactions per second, Solana’s utility as a layer-one blockchain is poised to grow.
Assuming favorable market conditions, SOL could reach $200 by the end of November and $250 by year-end. Despite its strong outlook, other small-cap altcoins may also perform well, particularly those emerging from successful token offerings. Pepe Unchained (PEPU), a layer-two project, has attracted significant attention, raising over $20.4 million in its presale and gearing up to launch an L2 network for Ethereum. Its platform promises fast transactions and low fees, and its scalability allows for generous staking rewards. With an expanding community and over 50,000 followers on its official X account, PEPU is positioned for growth.
*BREAKING: IN SEPTEMBER, SOLANA HAD MORE TRANSACTIONS THAN ALL OF THESE CHAINS COMBINED*
– 1236 times more than ADA/Cardano
– 32 times more than Ethereum
– 25 times more than Aptos
– 8 times more than Base
– 4 times more than Tron
— SolanaNews.sol (@solananew), September 25, 2024
