Over the last few weeks, Solana (SOL) has been smashing through resistance levels, outperforming many cryptocurrencies in the market. In the past week alone, SOL’s price skyrocketed by a staggering 52.41% to surpass the $100 mark.
Solana (SOL) has also enjoyed a remarkable 16.05% surge in the last 24 hours, breaching the $100 mark on the evening of December 23, a few days after an analysis predicted a surge above $100.
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This spectacular surge has propelled Solana to #4 on the crypto rankings by market cap, surpassing Binance Coin and igniting speculation about a sustained bull run.
What’s Fueling the Surge?
Solana’s impressive comeback isn’t a mere fluke. Many expect the digital asset to maintain its momentum because of a combination of important factors.
Robust DeFi Sector: Solana’s Decentralized Finance (DeFi) space has witnessed explosive growth, with the Total Value Locked (TVL) increasing significantly. Solana currently has a TVL of $1.474 billion, with a 24-hour increase of 11.68%. This surge in activity reflects growing trust and engagement within the network.
Whale Activity: The network has seen a recent spike in large-scale transactions and whale activity. This indicates the confidence of these large-scale investors in Solana’s long-term prospects.
Expanding User Base: Solana is also enjoying a spike in new and active addresses. The number of SOL holders is steadily increasing, signifying broader adoption and a strengthening belief in its value proposition.
Rising Star Power: The popularity of Solana-centric products like the Solana-powered Web3 Saga smartphone and the meme coin BONK has further bolstered Solana’s visibility and appeal.
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What’s Next for Solana (SOL)?
Smashing through the $100 resistance level is a pivotal moment, which has injected optimism into the market. However, after such a rapid climb, a minor pullback to below $100 is likely. This decline is healthy, with SOL consolidating before the next surge. The price dip will also give investors an entry point before the digital asset resumes its climb.
This consolidation phase could send SOL higher. Despite the risk of a further decline due to market volatility, SOL could surpass the Fibonacci retracement level at $134. This renewed surge will solidify the bull run and help SOL keep its momentum.
However, this price target is small compared to some ambitious targets recently set for Solana (SOL). If the digital token continues on this path, 2024 could be the year it finally breaches its all-time high of $260.06.
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