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Will the Solana $200 Win Challenge be a record in SOL Coin?


Solana (SOL), one of the recent notable actors of the cryptocurrency market, managed to attract the attention of investors and analysts with its impressive performance in the last 24 hours. While the price of SOL revives the upward momentum with an increase of over 9%, it is also in competition with BNB coin in terms of market value.

Solana Breaks Through Significant Resistance

Having broken through the resistance level at $184 on the daily chart, SOL is now poised to surpass the $200 hurdle. Exceeding this critical level could enable the cryptocurrency to gain further gains.

However, industry experts and crypto analysts suggest that SOL's price action may continue towards the all-time high of $259, which we saw in November 2021.

Additionally, noting that SOL is currently consolidating within a symmetrical triangle formation on the daily time frame, analysts state that a breakout from this formation could trigger an “explosive” price movement for SOL and lead to a move towards previous all-time highs around $255.

There was a significant increase in trading volume supporting SOL's renewed bullish momentum. There was a 74.20% increase in transaction volume with $4,514,426,127 traded in the last 24 hours, indicating increased activity in the market.

The Journey of Ascension Continues for Solana

According to the latest data from Token Terminal, Solana's key metrics show that the interest of this Blockchain among investors is rapidly increasing. So, what data supports this claim?

First, let's look at Solana's market cap. Its fully diluted market capitalization exceeds $99.32 billion and is up 70.0% over the last 30 days. This can be considered as a sign of how popular Solana has gained in a short time.

However, what is really remarkable is the market value in circulation. Considering the tokens currently in circulation, this value exceeds $77.05 billion and has recorded an increase of 71.3% in the last 30 days. These figures show that Solana attracts new interest beyond satisfying its existing investors.

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