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.
Solana (SOL) is surprisingly leading the top 20 altcoins' momentum today, with its price soaring by 4.69% over the past 24 hours to $23.47 and by 10.69% in the trailing seven-day period. Drawing on the current outlook of the digital currency ecosystem where prices are slipping, the growth of Solana has proven to be worth analyzing.
Thus far, it remains visibly unknown what is driving the price of the cryptocurrency. However, many news reports within its ecosystem have helped strengthen sentiment surrounding SOL token overnight.
First, the protocol announced the complete integration of Solana Name Service (SNS) on Brave Browser. While the SNS, which offers domain name management, is not entirely a novel innovation in the Web3.0 space, the fact that it brings additional utility to the broader Solana ecosystem makes it a great fundamental to drive the bullish embrace.
Additionally, tomorrow is the slated date for the launch of Saga, Solana's mobile phone.
Join us live for the official Saga launch event on April 13!
— Solana Mobile 🌱1️⃣3️⃣ (@solanamobile) April 11, 2023
Streaming live at 10am PT / 1pm ET / 5pm UTC on the following platforms
Twitter: @solanamobile and @solana
YouTube: https://t.co/0WR0HdjEy4
Website: https://t.co/0IrLKAkqzi pic.twitter.com/HR2AFRnn8V
The Android phone that was first hinted at last year is now set to hit the market in what many consider a one of a kind move for the Solana ecosystem. All of these fundamentals combined are largely fueling the intrigue among buyers, thus driving the bullish momentum in Solana price.
Building on bullish Solana momentum
Among the top Ethereum killers around, Solana comes off as a protocol with a mix of both upsides and downsides, as measured by trends in its ecosystem over the past year.
While the blockchain network is known for its outages on occasion, building on the current bullish momentum is key to maintaining sustainable growth in SOL overall. With more than a 90% deficit from its all-time high (ATH) price, the cryptocurrency has more room for upside growth in the long run.
With its current outlook, Solana is on track for a short-term leap, with the price having formed strong support at the $20 level.
Vladislav Sopov