Solana (SOL) Soars 19% in a Week, Is $120 the Next Target?

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Bittime  - Solana(SOL) is one of the crypto assets that is on the rise in 2024. With fast and scalable blockchain technology,

Solana offers solutions for various decentralized applications (DApps) in the areas of decentralized finance ( DeFi ), gaming, NFTs, and others. 

Solana also has a unique consensus called proof-of-history (PoH) that allows transaction validation and smart contract execution very quickly.

Solana recently recorded a significant price increase, reaching an all-time high of $259.96 on November 6, 2021. Despite experiencing a correction, Solana managed to recover and continue its positive trend. 

This week, Solana rose around 19% and traded at around $109.59 or around IDR 1.7 million. With a market capitalization of $48.27 billion or around IDR 748 trillion, Solana is ranked fifth on the list of largest crypto assets.

What Caused Solana's Price Increase? 

One influencing factor is the increasing demand and adoption of Solana in various sectors. Solana has many developing projects and partners in its ecosystem, such as Serum, Audius, Pyth Network, Metaplex, and others. 

Solana also has support from various well-known investors and institutions, such as Alameda Research, Multicoin Capital, Jump Trading, and others.

Apart from that, Solana also gets encouragement from various positive news and activities happening around it. Some examples are:

• The launch of the Solana Season Hackathon, a DApp development competition on Solana lasting four weeks and offering over $1 million in prizes.
• Announcement of collaboration between Solana and Chainlink, a leading oracle protocol that provides off-chain data for DApps on Solana.
• Launch of Wormhole, an interchain bridge that allows token transfers between Solana and Ethereum, as well as other networks such as Binance Smart Chain and Terra.

With these various positive factors, can Solana reach the target price of $120 or around IDR 1.8 million in the near future? Some analysts and crypto experts are optimistic that Solana still has the potential to climb higher. 

One of them is Michael van de Poppe, a crypto trader and analyst who is popular on Twitter. He said that Solana could reach $120 if it manages to break the resistance level at $110.

However, of course there are also risks and challenges facing Solana. One of them is competition with other crypto assets that also offer similar solutions, such as Ethereum, Cardano, Polkadot, and others. 

Solana must also be able to maintain the security and stability of its network, considering that in August 2021 Solana experienced disruption for several hours due to transaction overload.

Therefore, Solana investors and users must remain alert and careful in making decisions. Solana does have bright prospects, but it also has risks that cannot be ignored. 

Don't forget to always do research and analysis before investing in any crypto asset, including Solana.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

Monitor price chart movements  of Bitcoin (BTC) ,  Ethereum (ETH) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

Solana (SOL) Future & Solana ETF Predictions

What is Solana (SOL) Pay?

How to Buy NFTs on Solana?

Solana Saga, Smartphone with Web3 Integration

DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.