As prices for Cardano’s ada, solana, and other altcoins have soared, the global cryptocurrency market is once again approaching $2 trillion, with Cardano’s ada currently the third most-traded cryptocurrency.
Solana (SOL) is storming ahead during early trading on Friday after achieving a fantastic performance throughout September.
On a fundamental level, the SOL token may benefit from the increased adoption of its blockchain technology by dApps, particularly in the DeFi and NFT industries.
Lark Davis, a well-known crypto analyst and trader, has issued an optimistic outlook for Solana for the coming month.
According to him, the blockchain has recently seen the creation of a number of non-fungible tokens (NFTs), which could pique investor interest in the network.
For quite some time, the SOL coin price has been bouncing around above the 0.5 FIB, attempting to gain firm support from it.
When the price of the SOL currency finally broke out from the overhead resistance of $150 with a lengthy green and considerable volume yesterday, it signalled the conclusion of its small retracement phase.
Today, the price is retesting this level, attempting to confirm whether or not this breakthrough is legitimate.
If Solana can break over here, it can easily reclaim the $160 and even $170 levels until the second barrier at $172.45. The upswing, on the other hand, will only be sustained as long as market attitude about cryptocurrencies stays positive.
At the time of writing SOL is trading at $166 and has gained 5.22 percent in the last 24 hours. The RSI is at the 71 level.The coin’s trading volume has declined by 29.0% in the last week, while its overall circulating supply has climbed by 0.58 percent to over 297.70 million.