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Solana (SOL) up 9%, Here Are Bullish Targets in View

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Fri, 2/06/2023 - 11:46
Solana (SOL) up 9%, Here Are Bullish Targets in View
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Solana (SOL) has stood out as a very promising digital currency with a sustained uptrend amid an uncertain volatility splurge in the broader crypto ecosystem. At the time of writing, the cryptocurrency has soared by 2.61% in the past 24 hours and is trading at a spot price of $21.23.

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SOL/USD 7D Chart
SOL/USD 7D Chart. Source: CoinMarketCap

Solana's growth activity has been relatively stable in the past few weeks, a move that has helped the price gain a total of 9% in the trailing seven-day period. The digital currency has been trading comfortably above the $20 support zone since it breached that level on May 27. From that time to date, there has been a series of turbulent price actions, but Solana has stayed strong amid a generally bearish outlook.

With the resilience it is showing at the moment, Solana is gearing up for a wild bullish ride to a new monthly high above $24. The broader industry is showing impressive momentum for a rally this June, and following Solana's stability trend, it may join this ride to print these targets.

The digital currency remains one of the few top-ranked altcoins with a less erratic price history. This sentiment can impact its overall performance this month.

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Role of growing fundamentals

Solana is also considered one of the blockchain protocols that is paying equal attention to both its technical and fundamental growth with an emphasis on providing real world utility. The digital currency has its own dedicated mobile phone and has maintained a robust ecosystem of decentralized finance (DeFi) innovators.

Solana's fundamentals are properly suited for its ongoing bullish growth runs, and its future plans seem able to support its ambitions. Billed as the Apple of Crypto according to co-founder Raj Gokal, Solana is primed for success in both its adoption and price growth in the long term.

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