A well-known analyst projected that the price of Solana could skyrocket 88%
Solana has been on the rise recently and it is not surprising as multiple arguments support the rise of the token. It should be noted that important collaborations were also observed in the asset blockchain; where one of the most recent and outstanding of the week expresses that Brave, the browser that allows crypto mining, will use the Solana blockchain.
The CEO of Solana Labs, Anatoly Yakovenkoste said that this event will be a change in the Internet, which will allow a high number of users to enter as Web3. It should be noted that analysts predict that its price may increase at any time.
CoinMarketCap recently published that the SOL token is trading at USD 245.58, in addition to increasing 3.78% in just 24 hours. It also gained 0.77% in the last week.
Some fundamentals that make Solana soar higher
The rise in the SOL token is due to different factors; One of them is that a group of users from the crypto community is following Solana so that she has more notoriety in the ecosystem.
Mainly, this is due to the Solana properties, which stand out against Ethereum by far. First, the SOL blockchain can perform up to 50,000 transactions per second, simultaneously, in addition to having lower fees than the Ether cryptocurrency.
Its properties, plus multiple events and associations caused the token to fire. Some of them are the following:
Solana Ventures and the Reddit co-founder will invest in social media projects and Web3.
Popular mining browser Brave will employ Solana’s blockchain on its platform and allow more than 20 million users to use Web3.
On the other hand, Akash Girimath, the FXStreet analyst, forecast a rise of about 88% for SOL, which means that it could rise above USD 400 and that it is also the crypto with the most upside potential for November.
This could be a fascinating investment opportunity that should not be missed.
Today’s daily preview
In the daily season, analysts noted a healthy trend that continues to rise for several weeks. Even so, traders clearly observe sales, as they must take profits to reinvest at a lower price. For that reason, they are small corrections in the asset.
Currently, the price of the SOL token rejects the 20-period EMA; which is on par with the middle margin of the ENV channels and acts as a support for the asset. Therefore, it would not be surprising if the trend continues to rise for the following days of this month.
Right now, the key resistance is between USD 250 and USD 280.
A support to watch is located at USD 226.
However, the price is unlikely to reach this support. In addition, the RSI is pointing north and is located with 62 points; which predicts bullish market sentiment.
By Alexander Salazar
