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Solana (SOL), the "Ethereum killer," has flipped all other altcoins to emerge as the best-performing altcoin in the top 50 coins listed on CoinMarketCap. Its rebound journey, which commenced about seven days ago, has finally yielded positive results for its ecosystem.
Solana's impressive surge
As data from CoinMarketCap reveal, Solana surpassed every other asset, soaring by over 11% in the last 24 hours. A rise that saw the coin breaching several resistance levels in a move that caught many market participants unaware.
Tomiwabold OlajideSOL is changing hands at $239.77 after it reached a high of $243.87 in early trading. Within seven days, Solana recorded a notable surge from $175.18 to its current price level.
This places SOL less than 10% away from flipping its all-time high (ATH) of $263.83, which it attained about two months ago on Nov. 22, 2024.
However, Analysts predict that SOL’s bullish rise could reverse unless the current uptrend continues. If this happens, the coin might experience a crash that could cancel all the gains made within the last seven days.
The leading digital currency, Bitcoin (BTC), has started experiencing price fluctuations in the broader crypto space. BTC had earlier risen to $105,884.23 but could not sustain the tempo and has now slipped to $103,283.13.
Factors supporting Solana's stability
Market watchers believe the Solana ecosystem could support the coin to retain its value. As of this writing, investors’ interest, marked by the trading volume, has soared by 104.08% to $13.18 billion. If sustained, they believe such confidence in the asset could help drive the price to higher levels.
Godfrey BenjaminAdditionally, market participants must avoid causing panic with large SOL sell-offs as that could upset price stability.
Meanwhile, if Solana developers make good on their promise to resolve scalability issues, the congestion menace could become a thing of the past. This might help increase adoption and meet the growing needs of the rapidly expanding network.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Tomiwabold Olajide
Vladislav Sopov
Dan Burgin