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- 1 SOL token price surged more than 21% weekly, making it the 8th most popular crypto in the industry.
- 2 Analysts estimate that the Solana token will break $30 resistance by the end of October 2023.
- 3 In the 52-week time frame, the Solana token peaked at $38.79, and its lowest traded price was $8.00.
Solana’s (SOL) price surged over 21.60% in the weekly time frame, and by 19.17% over the month. According to TradingView, at the time of writing, SOL was trading at $23.44 with an intraday surge of 0.34%.
Despite the surge in trading price, Solana’s token market cap declined by over 34.72% intraday.
With a weekly surge of over 21%, Solana became the 8th largest cryptocurrency in terms of market capitalization.
Earlier this week, Dogecoin and Cardano were ranked higher than SOL, but the recent surge in SOL trading volume and price has made the token, one of the most used tokens in the crypto market.
As per analysts, if the price of SOL continues to grow, the token price might break its nearest resistance of $25.29 and possibly the next resistance of $30.
However, $30 has been a long-term resistance of SOL, although market analysts believe the token will break the resistance if bulls favor the prices.
In the 52-week time frame, the Solana token peaked at $38.79, and its lowest traded price was $8.00. Solana has a market capitalization of $9.649 Billion.
What Triggered the Solana (SOL) Price Surge?
SOL witnessed a surge in staking activity, accompanied by resilient price performance in the run-down to the week.
Notably, Solana’s network growth comes against the backdrop of the trial of Sam Bankman-Fried, the former CEO of the now-bankrupt FTX crypto exchange, which began on Tuesday.
The legal battle that brought several counts of fraud against SBF had previously reduced liquidity for the network. In the last quarter of 2022, SOL showed a downturn amid the FTX collapse.
As per data from DefiLlama, “In the past month, the Solana liquidity staking protocol has proliferated, with Marinade Finance growing by 22.91%, Lido growing by 14.38%, and Jito growing by 68.15%.”
The entire crypto market cap surged around 1.04% in the past 24 hours, and at press time, the market cap was $1.09 Trillion. Bitcoin has reflected a 1.05% intraday surge.
Some primary tokens and coins that surged in the past 7 days are Trust Wallet Token (TWT), Solana (SOL), Bitcoin SV (BSV), Render (RNDR), Gala (GALA), Aave (AAVE), and dozens of other in the list.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
