Solana Breaks $54, Proceeds To An Upward Trajectory

Solana Breaks $54, Proceeds To An Upward Trajectory

Solana (SOL) has broken above the $54 barrier in a stunning upswing, representing a critical turning point in the company’s price history. This most recent action is considered significant because SOL’s value has been lower since May 22, 2022. BlackRock’s application for an Ethereum exchange-traded fund (ETF) has advanced significantly, one of the main factors contributing to the recent spike in Solana’s price.

Jacob Canfield, a cryptocurrency influencer and trader,  in his post on the X platform yesterday,  released an analysis. He said that he believes in the steady upward movement of Solana. He also stated that Solana will likely maintain its position as one of the most influential digital assets in the bull run.

Market watchers have warned that the failure of Solana to maintain its price above $54.01 and survive the bullish trend may result in the loss of its current status – and, in turn, move back to the $46.83 price support level. Christian Encila, one of the industry market watchers, advised that the market will get itself ready for an intensive swing in a situation where the bull maintains the price above  $54.01.

Growing Solana’s Blockchain Infrastructure, Others Linked To Recent Performance

Solana’s strong blockchain infrastructure has also contributed to its performance and price momentum. Solana has drawn a vibrant community of decentralized apps (dApps) and initiatives, increasing its significance and worth within the cryptocurrency industry. Solana is setting a standard in the cryptocurrency market with a substantial 50% monthly profit.

It also has a 450% year-to-date surge, contributing to the total increase in market optimism. The trend extends to the BTC, which has pushed it to  $37,000, getting ready to attain the $40,000 position by the end of 2023. Solana’s recent performance has also been linked to the recent positive performance of most altcoins.

Analysts and investors closely monitor Solana’s performance and the changing dynamics of the cryptocurrency market. As at press time, the level of 11.1 million units of SOL has remained below 30 million SOL, the former FTX bankruptcy level, indicating that Solana may likely surpasses it’s trial days.

Experts Warn On Solana Potential Rise, DApps Deposits

Solana’s consistent momentum indicates its ability to withstand swings and continue upward. Encila also added that any breakthrough exceeding the $60.06 price mark may lead to a sustainable rally to the $65.08 resistance level. Meanwhile, anticipation is high in the cryptocurrency community as so many debates exist on the possibility of Solana moving up to $60 within the month. The momentum building up in Solana’s DApps deposits and Total Value Locked (TVL) means that Solana is showing a positive growth trend as investors continue to watch.

The current increase in the price of Solana is believed to favor FTX creditors, regardless of its (FTX) conflicting declaration in investment. As at press time, the price of Solana is trading at $59.33, rising by 14.72% in past 24 hours(according to data from CoinMarketCap). However, it has a trading volume of $4,564,474,360 in the last 24 hours.

Speaking on the trend, 117 Partners CEO Thomas Braziel said that the recent trading gap may recoup the losses suffered by FTX customers. Recall that Sam Fried, the FTX Founder, is currently facing a lawsuit for embezzlement, which Ben claimed to be the reason for the company’s bankruptcy.

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Jesse Rosenbalm
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Jesse Rosenbalm

Jesse Rosenbalm stands out in the crypto journalism realm, seamlessly blending intricate blockchain concepts with accessible prose. Known for his deep dives and accurate forecasting, Jesse's articles are a must-read for both novices and experts. As crypto trends shift, his insightful writings remain a beacon in the digital currency space.

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