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Solana (SOL) to Grow Higher? Ex-Ark Invest Analyst Shows New Level

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Tue, 31/10/2023 - 8:56
Solana (SOL) to Grow Higher? Ex-Ark Invest Analyst Shows New Level
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The cryptocurrency world has always been dynamic, with some coins gaining momentum while others fall behind. Solana (SOL) is currently in the spotlight, having achieved a significant benchmark of 0.02 SOL/ETH. With this milestone in its rearview mirror, the next target seems to be the coveted 0.03 SOL/ETH. But is this a probable outcome? Chris Burniske, a former analyst at Ark Invest, provides some insights into this scenario.

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First, let's delve into Burniske's analysis. Known for his astute observations in the crypto space, Burniske points out several indicators that show a bullish trend for SOL. The coin's recent performance against Ethereum is the foremost indicator. Achieving the 0.02 mark against ETH signifies strong market acceptance and confidence in the SOL token. This breakthrough suggests a potential trajectory toward the next threshold.

https://www.tradingview.com/
Source: TradingView

The rationale behind this bullishness is multifaceted. Solana's platform has been gaining traction due to its scalability and low transaction costs. This offers a competitive edge over Ethereum, especially with the increasing demand for decentralized applications (dApps) and smart contracts. Additionally, SOL's ability to survive in the FTX catastrophe and a series of massive liquidations adds another layer of seasoning to things.

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However, while the winds seem favorable for Solana, there are opposing currents that might impede its flight to the 0.03 mark. Every investment comes with its share of uncertainties, and SOL is no exception.

Turning our attention to Solana's movement against the dollar, the attached chart vividly depicts an impressive rally. After a period of consolidation and minor setbacks, SOL shows a steep upward curve, breaking past resistance levels with conviction. This momentum against the dollar mirrors its performance against ETH and is a testament to its growing prominence in the crypto arena.

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