Solana (SOL) Records New All-Time High Of $48.43: Is $50 the Next Target?

Solana is a secure, fast and most importantly, a censorship-resistant blockchain that provides the open infrastructure that is needed for worldwide adoption. Solana (SOL) is currently ranked as the 15th biggest cryptocurrency in terms of market capitalization with a price of $47.74 as of the time of this writing, which is an 11.9% increase within the past 24 hours.

Solana would seem to be on a grand mission of sorts lately, as SOL has actually managed to move against the attitudes experienced in the markets nowadays in order to reach a new all-time high (ATH) of $48.43. This is particularly impressive as just yesterday. The price had been around $35. SOL has thus experienced gains not just on a daily basis but also on a weekly as well as monthly basis too, with 65.3% for the former and a 207.2% increase for the latter.

HFT resistance cleared by SOL

‘Kaleo,’ an anonymous trader, has been closely monitoring the price trends of SOL for a while now. It had been noticed that after the forming and subsequent breaking of a diagonal around $30, SOL had actually managed to go even higher and had thus simultaneously broken through the HFT resistance. Furthermore, regarding the SOL/BTC pair, a new ATH had been achieved when the levels had gone above 0.0007 BTC. As a result of this bullish price action, $50 has been set as the next target for Solana, according to Kaleo.

However, another trader by the name of ‘Altcoin Sherpa’ had noticed that despite the increase in price, SOL still had a lesser trading volume than what would be considered advantageous. It is because of this that this trader believes that although the price has increased, the ‘characteristics of the accumulation’ for SOL may very well indicate a pullback in the short term. If this does occur, then potential investors can exploit this as an entry point of sorts in an effort to establish long positions.

SOL’s endgame and potential

The financial system could very well be ‘outperformed and replicated’ thanks to the cooperation between Solana and Project Serum, which is a derivatives exchange that is also decentralized in nature. SOL supporters claim that as of right now, this is, in fact, the only project that is trying to improve the TPS (Transactions Per Second) from 50,000 to that of 500,000 ‘within the next few years. Simply put, Project Serum could help in increasing adoption.

Solana is also the 4th highest ranked in terms of developer activity, falling behind LINK, EGLD and BTC. Nevertheless, Solana’s ecosystem is indeed growing rapidly, and the cooperation of Project Serum will certainly go a long way towards increasing this growth for the foreseeable future.

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