Solana is on a blue flame. The price of Solana, which is currently selling at $94, increased by almost 15% within a day as optimistic signals dominated the cryptocurrency market.
SOL increased in value along with several other crypto assets, getting closer to the $100 threshold. Solana, with a $40.5 billion valuation, is the fifth-most valuable cryptocurrency asset.
Further CoinMarketCap data shows that at this point, the sort-after digital asset had increased by more than 40% in less than a week and was trading at its highest value since late April 2022.
In addition, 1.34 billion SOL contracts have been offered for trading, making Solana the second-highest open interest token behind Ethereum and Bitcoin.
Solana’s price is now up by about 800% just this year. A N1 million naira in the digital asset made in January is now worth N16 million after adjusting the naira’s devaluation.
The Solana network has experienced a surge in transactions due to its faster speeds and comparatively lower network fees. Recently, the Solana network’s meme coin, Bonk, has grown by over 1,000% in just one month and is now available for trading on major crypto exchanges like Coinbase and Binance, which has increased interest in the platform.
From a technological perspective, a significant number of ecosystems prefer Solana. Ethereum is seen as being slow, even with its longer history and advantage over Metcalf’s law.
In contrast, Solana stands out with unmatched throughput and transaction speed.
Releases and announcements that have been anticipated, like Firedancer, are going to strengthen Solana’s position and make real-world adoption easier.
All things considered; Solana’s recent rise is the result of several key elements that not only confirm its popularity but also make it stand out in the constantly changing crypto market.
The fervour surrounding Bonk additionally bolstered sales of Solana’s Saga smartphone.
Owners of Solana Saga phones have gotten a 30 million meme coin airdrop since the phone’s launch. Users seized the chance to profit by purchasing the phone and selling the tokens when the token price increased.
The release of the Saga smartphone in the second quarter of this year was hailed as a “killer” for Apple and Google.
It has 512GB of RAM, dual camera lenses on the back, a 6.67-inch OLED display, a fingerprint scanner, and runs the Android operating system.
The main purpose of the gadget is described by the company as Solana Mobile Stack. The specially designed add-ons combine Web3 functionality with the phone’s hardware and software.
Saga describes the phone as “Solana’s next step in further improving its interaction with the mobile community and wide adoption of his Web3 on mobile devices.
Solana traders are currently experiencing the highest short liquidation in the past three months as the altcoin nears a key price point.
In the past 24 hours, Coinglass data showed that Solana short sellers lost approximately $18.4 million worth of contracts and were liquidated, this was the highest single-day liquidation seen by traders since October, as bullish momentum appears to be building ahead of the end of the year.
This price point was last reached in May 2022, making it an important psychological support level. If the altcoin can regain this support, markets anticipate that Solana will have a bullish start to 2024.
Similarly, the Moving Average Convergence Divergence (MACD) indicator shows that upward momentum is accelerating.
This means that once the $100 level is broken, Solana’s price could rise further, possibly even to the $113 level.
