- Solana, the Ethereum Layer-1 competitor, continues to make bold moves, experiencing a 15% surge by surpassing the major resistance of $73.
- Current indicators, including Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), show bullish signals.
- As SOL price has already surpassed critical resistance levels, analysts predict an additional 30% rally with a minimum target of $90.
Ethereum Layer-1 competitor Solana has experienced a significant price increase in the last 24 hours: What will be the next price target for SOL coin?
Solana Price Surges Above $70
Ethereum Layer-1 competitor Solana continues to make bold moves, experiencing a 15% surge by surpassing the major resistance of $73. As of the time of writing, Solana (SOL) is trading at $73.22 and has exceeded a market value of $30 billion.
In the midst of strong bullish momentum, Solana has extended its weekly rally by over 18% and its monthly rally by over 65%. Solana (SOL) stands out as the only major altcoin with an extraordinary rally of over 600%, attracting attention. If the Solana price surpasses $75, it offers significant gains to its holders, potentially initiating further upward momentum.
Current indicators, including Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), show bullish signals and align with optimistic projections for Solana’s price surpassing $73.
As SOL price has already surpassed critical resistance levels, analysts predict an additional 30% rally with a minimum target of $90. In a recent message, a renowned crypto analyst stated that a breakout above $68.2 could push SOL towards $90, but warned of potential profit-taking and a drop to $47 if the $60 support weakens.
Solana (SOL) has risen by over 8% to $69, the highest level since mid-November, after a three-week hiatus. Crypto investor and BitMex exchange founder Arthur Hayes predicted a price target of $100 for altcoins in a Tuesday post on Twitter.
Solana’s DeFi Progress
The robust SOL price rally is also backed by significant advancements recorded in Solana’s DeFi ecosystem. The DeFi platform built on Solana, Jito, commenced its highly anticipated airdrop on Thursday, distributing approximately $225 million worth of free tokens to Solana users worldwide.
The JTO token started at $6.01 with the beginning of the airdrop, and the allocated 90 million tokens had a significant value of $540.9 million. However, the token’s value later dropped by 58% to $2.50.
The airdrop is a significant advantage for Solana DeFi participants, and as of today, 54 million out of 90 million JTO tokens have already been claimed, as reported by SolScan. Among the claimants are JitoSOL holders, Solana validators using Jito MEV clients, and users utilizing Jito’s MEV services. Jito’s roadmap indicates plans for future token airdrops.
