Against All Odds: Solana (SOL) Breaks Past $176 In 3-Month Push
26 Outubro 2024 - 1:00AM
NEWSBTC
The Solana native coin is generating news as it goes against the
trend, lately surpassing $176 in a move that has piqued the
crypto world’s interest. This gain is especially surprising given
the sour mood around the crypto just weeks ago, with several
analysts predicting the altcoin would suffer. Related Reading:
Bitcoin Soars Towards $68K Amid Microsoft’s BTC Investment SEC
Filing But Solana has defied the odds, increasing both in price and
in market confidence. According to analyst Miles Deutscher, the
gain coincides with a broader increase in positive sentiment for
Solana, encouraging industry-wide discussions about its potential.
Solana sentiment and mindshare keeps going through the roof. But
the run is far from over. I just uploaded an important $SOL update,
including: • My price prediction • My top ecosystem picks If you
hold Solana, you need to watch this video 👉https://t.co/fsa8qabYHE
pic.twitter.com/KX7xeG3gkn — Miles Deutscher (@milesdeutscher)
October 24, 2024 Technical signs indicate an even brighter future
for the fifth-largest altcoin. According to experts, Solana’s
present trajectory, which is supported by a bullish pennant
pattern, indicates that SOL might reach as high as $260 if it
breaks past resistance. 📈 Solana is outperforming most altcoins as
prices are looking to rebound after a big fall Wednesday. The #5
market cap asset continues to be a prime example of how the crowd
usually gets it WRONG. View the current bearish sentiment as a sign
SOL can continue to pump. pic.twitter.com/pRkCnyxRxh — Santiment
(@santimentfeed) October 23, 2024 Increasing Interest And Technical
Indicators As Solana’s price rose, observers saw a dramatic surge
in positive sentiment about the asset. According to data, the
number of discussions surrounding Solana has contributed to the
upsurge observed in the slant. Mindshare (a measure of the
percentage of crypto discussions a coin commands) has remained
high. For Deutscher, the increasing attentiveness on Solana is a
sign that there is even more room for growth, contrary to the
prevailing tendency in the market. Although some investors are
wary, experts say the technical terrain is still favorable. If the
item breaks over its barrier, the optimistic pennant formation in
SOL’s price action usually denotes more gains. Depending on if
Solana can break out from its present level, its token’s price
might be positioned for a notable climb toward $260. The
Ethereum-Solana Rivalry Surprisingly, Solana’s comeback happens at
the same time that Ethereum co-founder Anatoly Yakovenko shows his
accolade on Ethereum. Solana and Ethereum are competitors, but
Yakovenko recently praised Ethereum’s core technology and said he
liked its design and goal. I like @BanklessHQ and ethereum. I even
like the ethereum design and vision. If you told me to go build an
alternative to bitcoin, ethereum settlement layer focused design is
what I would steer the engineering towards. If that’s the vision,
ethereum can just embrace all the… — toly 🇺🇸 (@aeyakovenko) October
24, 2024 This is of interest to people as they are generally two
competing networks that try to outdo each other in offering
superior decentralized apps and smart contracts functionality.
Related Reading: XRP Could Rally 27% This Week In ‘Tremendous
Move’, Analyst Says Ethereum has long been the preferred protocol
among developers, but Solana, dubbed a “Ethereum-killer,” has
quickly gained favor because to its speed and lower transaction
fees. Yakovenko’s recognition demonstrates a developing sector in
which competitors can acknowledge each other’s contributions to
blockchain innovation. Future Perspectives And Market Sentiment
Meanwhile, Deutscher feels Solana’s price might double or possibly
quadruple, particularly if Bitcoin rises to new highs, say
$100,000. SOL’s continued performance despite recent falls suggests
that it may have strong community and long-term holders. For the
time being, SOL is a coin to keep an eye on, and with increased
sentiment and a technical boost, it appears to be on track to
continue challenging expectations. Featured image from Pintu, chart
from TradingView
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