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In a recent tweet, prominent cryptocurrency analyst Rekt Capital shared a bullish outlook for Solana (SOL), suggesting that the digital asset is poised for a significant surge. According to the analyst, Solana has been following a predetermined path, marked in orange, showcasing remarkable 33% upward movement.
The cryptocurrency has successfully broken back into its black-black range from a few weeks ago, indicating strong bullish momentum. Rekt Capital notes that any potential dips into the $98.98 range would serve as a reclaiming event for the old range low, paving the way for a potential rally to at least $115. This prediction has stirred up excitement among Solana investors and the broader cryptocurrency community.
Solana market dynamics
As of the latest available data, Solana is currently trading at $104.44, reflecting a notable 7.68% increase in the last 24 hours and a substantial 30.89% surge over the past seven days. The 24-hour trading volume for Solana has also experienced a significant uptick, rising by 63.57% and reaching $3,348,860,287. Meanwhile, the market capitalization of Solana has seen an 8.14% increase, now standing at $45,452,339,907.
Amid the bullish momentum, data from Coinglass indicates a total of $9.70 million in liquidations for Solana in the last 24 hours. Of this, $1.95 million is attributed to long liquidations, while $7.75 million is associated with short liquidations. This data suggests that while there is significant positive sentiment and price appreciation, traders must remain vigilant to potential market volatility.
Solana, known for its high-performance blockchain and rapidly growing ecosystem, has been gaining attention as a strong contender in the competitive cryptocurrency landscape. The positive price action, as predicted by Rekt Capital, could further solidify Solana's position and attract more investors to the platform.
Cryptocurrency enthusiasts and traders are closely monitoring Solana's price movements, eagerly anticipating whether the digital asset will indeed hit the projected $115 target. As the cryptocurrency market evolves, Solana's performance will be closely watched for potential insights into broader market trends and sentiments.
Godfrey Benjamin
Tomiwabold Olajide
Dan Burgin
U.Today Editorial Team
Vladislav Sopov