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Solana (SOL), the sixth-largest cryptocurrency asset by market capitalization, appears likely to witness significant growth in the coming week. SOL, which has seen its market cap grow from to $65.08 billion in just five years since inception, looks poised to retest higher levels.
Solana flashes bullish signals amid market volatility
CoinMarketCap data shows that SOL is changing hands at $127.62, a 1.13% decline in the last 24 hours. However, investors are actively trading the coin, anticipating its resurgence to higher levels.
Notably, SOL’s trading volume in the crypto market spiked by 23.92% to $2.46 billion within the same time frame.
Tomiwabold OlajideMarket watchers say these Solana investors want to profit from a potential rally anticipated this week, hence the growing interest. Proponents of Solana remain convinced that the slight dip in price is due to market volatility, as the coin is signaling bullish tendencies.
SOL has been on a growth trajectory within the last seven days. The asset rose above bearish pressure from a low of $113.76 to $136.4. However, market volatility has seen it settle at the current level despite a broader market headwind.
Analysts say Solana's positive projections for its future outlook rely on the milestones the coin has achieved and other ecosystem factors. With the current trend, chances are that Solana's price has bottomed out and may flip the $150 resistance as support moving forward.
What’s next for SOL?
Notably, the Solana ecosystem has registered over $987 billion cumulatively in trading volume, reflecting massive investor and user interest. They expect SOL to continue growing this week, with some projecting that a rise between $140 and $150 could push the asset toward $200.
Godfrey BenjaminMeanwhile, anticipation of a Solana exchange-traded fund (ETF) has heightened anticipation of favorable growth for SOL. Solana’s ETF race began with VanEck last June with a filing, and other asset managers joined.
The latest Solana ETF filing comes from Franklin Templeton, which has $1.53 trillion under management.
Vladislav Sopov
Dan Burgin