Solana (SOL) has once again stolen the spotlight in the crypto market with its brilliant performance in recent weeks. SOL, the native token of the Solana network, has successfully led a crypto price revival, surpassing the majority of other major digital assets, and potentially targeting new highs in this cycle.
Solana Price Performance
On Friday last week, SOL reached $170 (approximately Rp2,448,000), its highest price in over a month, before correcting slightly to $166 (approximately Rp2,392,000) recently. SOL has risen nearly 7% in the last 24 hours and is now up more than 40% from its crypto market low in early May, when Bitcoin (BTC) dropped to $56,000.
Recent news shows that Bitcoin broke the $68,000 mark while Solana's 7% gain led the crypto rally. In the weekly time frame, Solana's 17% gain was the highest among CoinDesk 20 Index (CD20) members, behind only Chainlink (LINK) which benefited from news of the fund's tokenization pilot partnership.
"The gains in SOL have been remarkable in this bull run," said Daniel Cheung, co-founder of digital asset hedge fund Syncracy Capital, in a post on X. "It's very clear this is still the best trade in this cycle."
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Sol Potentially Returns to $200 Level
Cheung said he is increasingly "confident" that SOL could return to the $200 level by the end of this month and is targeting a new record high "soon." SOL reached an all-time high of $260 (approximately Rp3,744,000) in November 2021 at the peak of the previous bull cycle.
Solana benefits from a variety of catalysts, including crowded meme coin trading, strong stablecoin volumes, and high decentralized finance (DeFi) activity. Cheung mentioned that the upcoming network update paves the way for the highly anticipated Firedancer, a secondary chain client developed by Jump Crypto that aims to improve network performance.
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Interest in Solana Increases
David Shuttleworth, research partner at Anagram, added that there is growing interest in the security of the shared crypto economy – commonly called restaking – coming soon within the Solana ecosystem. This shows that Solana continues to attract interest from various technological innovations that have the potential to increase trust and usage of their network.
In addition, Solana's adoption in the DeFi world continues to grow rapidly. Projects such as Serum and Raydium continue to show high trading volumes, reflecting users' trust in the Solana network. The volume of stablecoins on the Solana network also showed a significant increase, reflecting strong liquidity and trust from users.
Optimistic Markets
SOL's price performance is also supported by broader macro factors within the crypto market. Global economic uncertainty, loose monetary policy, and institutional investor interest in digital assets have driven demand for major crypto assets, including Solana. Analysts believe that this trend will continue, supporting Solana's price increase in the long term.
Market watchers also note that Solana has advantages in terms of low transaction fees and high processing speed compared to other blockchain networks such as Ethereum. These technical advantages make Solana an attractive choice for developers of decentralized applications (dApps) and DeFi projects.
Solana has also attracted interest from various NFT projects, with several popular NFT collections choosing to launch on the Solana network. This shows that the Solana ecosystem is not only attractive to DeFi projects, but also to the arts and creative communities.
SOL Price Today
The increasing public attraction to Solana also influenced the price movement of SOL. On Tuesday 21/05/2024, the price of SOL increased by 2.68% in the last 24 hours. Based on data from Bittime, SOL is now trading at the level of Rp2,924,387 per coin.
With various positive factors in favor, Solana seems to be in a strong position to continue rising prices and target new record highs in the near term.
Conclusion
Investors and market watchers will continue to monitor the development of this network closely, anticipating the next steps that the Solana development team will take to improve the performance and adoption of their network.
In the next few weeks, SOL's price movement has the potential to become a major focus for crypto investors, with the expectation that this rise will continue and take Solana to higher price levels.
Stay tuned for the latest news and developments in the crypto market to understand more about the potential and challenges faced by Solana and other digital assets.
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How to Buy Solana (SOL) on Bittime
You can buy and sell Solana (SOL) in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.
Solana (SOL) is available on Bittime with the market pair SOL/IDR. To be able to buy SOL IDR on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is IDR 10,000. After that, then you can make a crypto asset purchase in the application.
Learn the complete guide on how to buy Solana (SOL) on Bittime.
Monitor the price chart movements of Solana (SOL), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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