Solana is an open-code platform which makes it easier for developers to create decentralized applications looking forward to offering decentralized financial solutions. Even though this cryptocurrency was low profile and it was not followed by a great mass of investors unlike popular cryptocurrency which dominate the crypto market, such as Bitcoin or Ethereum, it all has changed in the past few days.
Solana’s value has increased 300% in the past month, reaching a maximum price of $150.60, which led it to make it up to the top 10 cryptocurrency in market capitalization with a total of $42 billion, overcoming one of the most hated cryptocurrency by some investors but most loved by others, Dogecoin.
This rally is a consequence of many different features of Solanas project, because it is looking forward to being one of the most important platforms in everything related to NFT commerce. Also, they presume to have the fastest blockchain network in the present day. In the past days we talked about Cardano, now we have Solana… So, which one do you think is the big fish?
It is also important to mention that Solana just launched an announcement looking for the best projects related to decentralized applications making it a competition between users offering $5 million in prizes. So if you guys are decentralized application developers, do not miss this opportunity!
On the other hand, optimism in crypto markets keeps growing in the medium term, as Mike McGlone, Bloomberg’s senior commodity strategist, reaffirmed that BTC’s price will make it up to $100,000, while Ethereum will find an important level after surpassing $5,000. This will be the beginning of a new phase in consolidated bullish crypto markets. McGlone mentions that one key point related to the imminent growth of these assets is the decrease of supply with a huge increase in demand.
Bitcoin finally made it up to break the $50,000 resistance, so we can expect a bullish rally all over to $58,000, but let’s first expect it to break a strong level located in $53,000.
By its part, Solana is in an overbought area, so it is very possible that we will be seeing a market pullback to at least $130. Also, if we take a look at Fibonacci levels, we can also see that it can make a stronger correction all the way down to $110.
Remember to be aware of the cryptocurrency market in the next few days, which may be a bullish week due to the fact that we had many ruptures of very important zones, as we previously saw in BTC. Without further ado, may it be an amazing week for you all.🚀
