Solana (SOL) is among the top cryptocurrencies in the crypto market. It is known for its scalability and low latency properties. Up to now, various successful crypto projects have been launched on the Solana network, causing an increased demand for the network.
In this blog, let us discuss why Solana is a good investment option for investors right now.
Solana Price Analysis
Solana started to surge once more yesterday and has peaked more than 2% in a day. Currently, Solana is trading at $176.08 and maintaining the support around $173. As of now, CoinmarketCap has ranked SOL 5th based on market capitalization. It has a market cap of $78,279,586,391 which is also up by 2.4%.
Another factor to consider is its growth is its trading volume, which is up by 58.68%, pushing the value to $8,182,243,637.
Though Solana is still 32% away from its all-time high value, the current progress is worth noticing as it’s at the best value it has been in the last two years.
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On analyzing the Solana graph, a bullish pattern is present. The graphs indicates a price surge where the Solana price is expected to trade between $ 174 and $208 in the next few days.
Solana Is In the Perfect Stage For Investment
As Solana has already started moving bullishly, it has covered a portion of the profit for its investors. If the Solana price surged to $200 in the next few days, the profit would be high.
Increased Demand for Solana
So many Solana-based meme coins have been launched in the past few months and are performing very well. The better performance of these meme coins is also helping in building the demand for this network.
Among these meme coins, we have dogwifhat, which is trading at $3.27, BONK with a value of $0.00002253, Book of Meme at $0.01351, SLERF with a price of $0.3874 and many more. These have gained a lot of popularity in the market and have reached new highs recently.
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Because of the performance of these meme coins, the overall market cap of the meme coins has surged by 5%.
Upcoming Bitcoin Halving
Bitcoin halving is going to happen in the next few days, which will result in the starting of a long Bull run. In all the past three Bitcoin halving events, a similar bull run has followed the halving, causing a price rally in the crypto market. The same predicted for this halving event as well.
As a result, Solana’s price will also lift along with the market value. Many crypto experts believe it will surge to $356 after Bitcoin halving.
Conclusion
Solana does have the potential to become a good investment opportunity. Based on its current price performance and increasing demand in the crypto community, the users can choose to make their investment after running their technical analysis and proper research.
Read More What will be my portfolio if Solana Price Hits $500?
