Solana (SOL) has emerged as a prominent force in recent days in the ever-changing world of cryptocurrencies.
After a drop to $8.5 in December 2022, its steady rise has caught the attention of investors due to growing demand.
Recently, the price of SOL reached its highest point of the year, exceeding $65 on the 15th and 16th of this month of November 2023 and was able to remain firm above $50, despite market fluctuations.
Currently, Solana (SOL) has consolidated its position with a current value of $60.8, experiencing a notable increase of 75.34% in the last month. Ranking in #6 position by market capitalization, according to official data from CoinMarketCap.
Solana Upward Momentum Is Not Just Based on Its Numbers
The Solana Foundation announced a key event for November 29, where it will discuss tools for content creators, the Solana ecosystem, and future plans.
Additionally, the Solana community’s participation in the Art Basel Miami Beach event could further drive interest and adoption of this cryptocurrency.
An additional factor that has contributed to SOL’s momentum is the rally in the Grayscale Solana Trust (GSOL), which has shown a notable rise after falling to $92.5.
This increase could further support the price of SOL as it has historically had a positive influence on its value.
Market analysis and predictions support the expectation of a possible continued rise of SOL.
Analyst Michael Kanhwald has flagged the possibility of SOL continuing its uptrend, supported by the recovery of a key support zone.
Based on this model, SOL could see a 55% increase, reaching $86. However, there is a warning that a breach of critical support levels, such as $48, could trigger a reversal towards the $28 support level.
In the broader market, Bitcoin remains on the radar, trading around $38,000, while SOL appears poised for additional growth, supported by an altcoin market that has seen double-digit gains after breaking resistance.