Solana is driving the recent surge in the altcoin market with price action affirming bulls are on the bandwagon. Solana’s robust fundamentals, such as its high speed and scalability, which continue to draw in both retail and institutional investors, fuel this future growth.
This month, the altcoin’s price has increased by 33% as it has recovered from the $130 mark. Throughout the week, Solana prices demonstrated the ability to break out. The current rally suggests that, following the consolidation phase, a bullish victory is possible.
Solana has noticed a noticeable increase in wallets engaging with its NFTs for the first time over the past week, especially among top collections. Tiexo data indicates that Solana NFT volumes have somewhat increased, mostly due to these collections.
Solana is currently the fastest blockchain globally. The network handled more than 95 million transactions in a single day as per recent research by CoinGecko
Solana focuses on throughput and latency reduction, even at the price of some verifiability. It accomplishes this by utilizing a special combination of technologies, such as parallel transaction processing, the block propagation protocol Turbine, and a novel timestamp technique known as proof of history.
In addition, high interest in Solana-based memes riding the newest wave of the cryptocurrency craze, an increase in the volume of trading in decentralized finance (DeFi), and encouraging news in the Solana ecosystem, have contributed to an increase in SOL’s value thus far in May. Recently, the trading platform Robinhood introduced its first SOL-staking offering to its European customers
Historical data showed, SOL reached its current record high of $259.96 in late 2021, almost 32.8% more than the current price. After Sam Bankman-Fried’s FTX empire collapsed in December 2022, it fell to $8, although it has since sharply increased. It has increased by an astounding 739.2% in just the last year.
Solana recently surpassed Ethereum (ETH) in daily trading volumes, marking a significant shift within the decentralized exchange (DEX) sector and igniting speculations about its ability to challenge Ethereum’s long-standing dominance in the cryptocurrency market
Price action affirms SOL may reach $250 if the bullish momentum holds. On the other hand, SOL can retreat to the $155 support level during a market downturn. The price may fall to $150, signaling a negative turn, in bearish patterns resume. The altcoin’s future appears bright, as evidenced by the present recovery tendencies, which indicate that SOL is well-positioned for future gains despite setbacks.
