Solana (SOL) Continues to Break New Highs!

Not only does it facilitate DeFi, but it also allows the development of Dapps with enhanced scalability. Solana combined Proof of History with Proof of Stake to enhance its scalability to new heights. Solana is valued at $73-$74 billion, and right now, it is continuously trading places with Tether. Investors of Solana have gained more than 13000% just in 2021, while just associates since 2020 have made even higher returns. SOL cryptocurrency is valued because of its prominence in the DeFi ecosystem.

Solana Price Analysis

Solana as a cryptocurrency has offered tremendous gains to investors without the hard bite of volatility. It has delivered a high return of close to 1300% in just three months, which is just insane. Recovery in the crypto industry has helped sustain this rally. Can SOL price reach $300?

Solana Price AnalysisThe path from $0.66 to $263 hasn’t been a long one as Solana was just launched in March 2020. Firstly, the crash of global economic conditions because of the pandemic was harsh for investors causing a massive shift towards the crypto space, which witnessed a massive boom in the next year. Since Solana contributed to the ease of accessibility towards DeFi, it was instrumental in marking new highs with each run. 

Solana has strong support close to $180 levels, while the resistance level has moved up to $260. Even 100 and 200 days moving averages are far from their current value, indicating the status of upside momentum in recent days. Solana has continued to hit a new high every month since August 2021. RSI has primarily remained in the bullish territory, while volumes have remained the same since August 2021.  

$260 has emerged as a resistance zone because of the sell-off from this level the very next day after it made a high of $261. Swing support should be enough to handle any negativity in the near term, but the strong stance presented by the $117 level should be considered as the last nail at the beginning of a negative trend. 

The price action seems strong, and as per the SOL predictions, investors shouldn’t hesitate to hold this crypto in their portfolios. Solana prices will be heading higher once DeFi regulations gain more traction.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

Related Articles

Back to top button