- The SOL/USD is trading with a bullish bias at 140.57 level, having soared +9.71%.
- Solana’s token SOL surged by about 200%. Throughout the year, the cryptocurrency has shown an improvement of 7000%.
- Forex trading participants may look for a buy trade above the $130 level to target $146 and $161.
The SOL/USD is trading with a bullish bias at the 140.57 level, having soared +9.71%. The day before, the SOL/USD closed at $128.340 after reaching a high of $131.890 and a low of $109.260. The SOL/USD surged for a 2nd consecutive session amid the recent DeFi and NFT boom. If you are wondering what to expect and where to buy SOL, let’s find out below…
Solana’s token SOL surged by about 200%
In August alone, Solana’s token SOL surged by about 200%. Throughout the year, the cryptocurrency has shown an improvement of 7000%. This surge has put the new cryptocurrency Solana into the top 10 cryptocurrencies by market cap. Solana is currently the 8th biggest cryptocurrency in the world, according to market cap.
Solana integration of the NFT platform
The main factor involved in the recent rally of Solana towards its new all-time high was the integration of the NFT platform. Solana added a collection of costumed apes as NFT with various features on the platform for sale.
The sale required the purchase to be made through Solana’s token SOL. While, just within 10 minutes of its launch, about 10,000 apes art were sold from the collection. The trading volume of Solana reached over $66 million as the sale required SOL and pushed the prices higher. Solana is also adding various projects to its platform, and, currently, more than 400 projects are built on it. Most of the projects include various DeFi apps.
On the network of Solana, FTX and Alameda Research built their own decentralized cryptocurrency exchange called Serum, which hosts the increasingly popular USDC stable coin. AUDIO (Audius), another cryptocurrency, also uses Solana’s network, adding to the value of SOL/USD. TikTok recently chose Audius as its streaming partner earlier in August.
Developers looking for an alternative to Ethereum
Another factor involved in the boom in Solana prices was the developers looking for an alternative to Ethereum, the first programmable blockchain. Most applications and cryptocurrencies are built on Ethereum, but the network is struggling with congestion and high fees.
As a result, both developers and investors have started looking for alternatives, and Solana is one of them. The recent wormhole project added to the network has also been beneficial for SOL/USD prices lately. The Wormhole can be used by other projects to move assets between Ethereum and Solana quickly and cheaply.
Solana offers the fastest and cheapest services. It claims that it can process at least 50,000 transactions per second at the cost of $0.01 per transaction or even less. This feature is increasing demand for Solana and, hence, SOL/USD surged.
SOL Price Prediction – Technical Levels
Support Resistance
114.436 137.006
100.533 145.793
91.806 159.696
Pivot Point: 123.163
SOL/USD Violates Ascending Triangle Pattern at $130 – Where to Buy?
The SOL price prediction remains bullish above a resistance become support level of $130. On the 4-hour chart, the SOL/USD pair’s upward trendline is likely to support the pair at the $130.175 level. The closing of 4-hour candles above this level supports the odds of an upward trend continuation in the SOL/USD pair.
On the bullish side, the SOL/USD may find the next resistance at the $146 level, and a bullish crossover of this level could lead the pair towards $161. In contrast, the $130 support zone breakout could trigger a strong selling trend until the $118 and $108 support levels. On the 4 – hour timeframe, the 50 day EMA (Exponential Moving Average – Red Line) holds at the $125 level, demonstrating a bullish trend in SOL.
Accordingly, forex trading participants may look for a buy trade above the $130 level to target $146 and $161. Alternatively, we can place a sell-stop below $130 to target $118 levels. All the best.
Where to Buy SOL/USD?
You can buy it on eToro. It’s one of the trusted exchange platforms in the crypto space. eToro supports copy trading, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions.
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