Solana price rise has garnered a lot of curiosity among enthusiasts, for the reasons behind the mooning of the coin. Well, there are multiple reasons behind the crypto soaring to newer heights. The speculations of coin burn are doing rounds. As the teaser of the video clip, posted by the official Solana’s Twitter handle.
However, it might not be a coin burn, as previous coin burns were not featured by the maker. Moreover, the tweet includes a webpage link that stated
“T-minus 3,2,1… The sky’s the limit. What will you launch?
A time frame from August 31st – October 8 is also mentioned, which might be an event related to Dapps or NFT’s.
Institutional investments have played a pivotal role in SOL’s price surge. Osprey funds have registered the Osprey Solana Trust with the U.S securities regulators in an attempt to offer wealthy investors access to SOL tokens.
Alternatively, the rise is also owing to an exponential increase in individual investors. The lucrative perks offered by the platform have resulted in investors being more bullish. Institutional interests and growing De-Fi and NFT, have aided in SOL tokens being now the most valued cryptocurrencies in terms of market value.
Is it the right time to invest In Solana?
The crypto is priced at $116.85, with a market cap of $33,850,543,893, and stands at 8th place in terms of market cap, at press time. It is learnt from SOL’s official website that the average per-cost transaction is $0.00025. The digital asset is witnessing an uptrend, with a 7-day high of 49.2% and an annual high of 2370.7%, while being independent of predominant cryptos. Which netizens opine with the NFT boom.
Analyzing the current charts, it is evident that Solana price will continue the trend. The SOL price since mid-August gained immense bullish momentum and jumped high. However, with a slight consolidation, a ‘bull flag’ pattern was formed which resulted in a 56% rally. If the price follows a similar pattern and consolidates, then yet another leg up could surge the price above $150.
Currently, the Solana price rally is in discovery mode and appears to be unstoppable. Barring the market turns around. SOL price is marching towards the $150 mark and might surpass anytime soon. Nevertheless, it is ideal to assume a surge in the range of 10-25% for the year, provided that the situation persists.