Solana (SOL) has captured the imagination of many in the crypto market with its consistent upward trajectory over the past few weeks. Over the last 24 hours, the digital asset has surged 6% and currently trading at $73.66. This price represents a 21.39% surge over the past week and a remarkable 68.82% jump from last month.
With Solana on the move, many are wondering what caused the recent surge. Delving into the driving forces behind this notable surge reveals multiple factors that have set the stage for SOL’s bullish momentum.
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Following in Bitcoin’s Footsteps
Predicting the future of a cryptocurrency based on chart patterns is an integral part of cryptocurrency analysis, and Solana’s chart shows that it is mirroring the movement of Bitcoin, the flagship crypto.
Jelle (@CryptoJelleNL), a prominent crypto analyst on X, drew attention to this similarity, and Solana’s surge over the last 24 hours confirmed his expectations.
The analyst highlighted their shared ascending triangle formation in a chart. This pattern, characterized by a flat upper resistance and an upward-sloping lower support, suggests a period of accumulation and potential for a breakout.
Bitcoin recently demonstrated the power of this pattern, breaking its resistance and experiencing a significant price increase. With Solana mirroring this pattern, it could sustain the current surge and reach the $100 price the community has been looking toward since it broke through a key resistance level a few days ago.
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The DeFi Boom
The growth of Solana’s decentralized finance (DeFi) sector has been phenomenal. Key metrics paint a clear picture of this flourishing ecosystem. DeFiLlama reveals that its Total Value Locked (TVL) at $897.04 million, up 20.7% in 24 hours. Additionally, the stablecoin market cap has increased substantially. This rapid expansion positions Solana (SOL) as a major player in the DeFi space, attracting more users and driving further value creation.
Read Also: Solana Just Breached A Key Resistance. SOL To $100 in 2023 As Predicted By BitMex Co-Founder?
Opinions from Crypto Industry Leaders
Solana’s impressive performance has attracted the attention and approval of prominent figures in the cryptocurrency space.
Arthur Hayes, the co-founder of BitMEX, has publicly expressed his bullish sentiment towards SOL, even predicting a rise to $100. This positive endorsement adds significant weight to Solana’s potential, further fueling investor confidence.
A Bright Future
The Solan ecosystem is also abuzz with anticipation of exciting airdrops. With multiple airdrops on the horizon, Solana’s value is likely to find further support from eager investors seeking to participate. The future is bright for the digital asset, and a sustained upward trajectory could help it reach ChatGPT’s prediction of $500 next year.
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