Solana Is On The Rise With A Gain Of Over 20% For The Week

Key Points:

• Solana experiences a significant price surge, up 3.6% in 24 hours and 65% in the last 30 days.
• The positive outcome of Ripple’s case with the SEC contributes to SOL’s strong performance in the altcoin market.
• Solana Labs introduces Solang, enabling developers to write Ethereum-based smart contracts on the Solana blockchain, leading to increased accessibility and potential for further growth.

Solana (SOL) has been on a remarkable upward trajectory in the cryptocurrency market, with its price surging by over 3.6% in the past 24 hours alone. This growth has outpaced the overall market, which saw a 1% increase during the same period.

SOL’s performance in the past week has been equally impressive, with a notable nearly 23.7% surge, and over the last 30 days, it has soared by an astonishing 65%. Since the beginning of the year, SOL has seen an exceptional increase of 150%, making it one of the standout performers in the crypto space.

One of the key factors contributing to SOL’s recent success is the positive outcome of the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). This development has brought renewed optimism to the altcoin market, and SOL has been a major beneficiary. With its trading volume hovering around $580 million, the cryptocurrency has garnered significant attention from investors, indicating the potential for further gains in the near future.

In a significant announcement, Solana Labs introduced Solang, a Solidity compiler designed to enable developers to write smart contracts on the Solana blockchain using Ethereum’s popular programming language. This integration of Solidity is expected to make Solana more accessible to Ethereum Virtual Machine (EVM) developers, further expanding the ecosystem by attracting a diverse range of developers. By bridging the gap between the two blockchain ecosystems, Solang aims to unlock new possibilities for decentralized application (DApp) development and foster innovation within the Solana network.

Amidst the promising developments and positive outlook for Solana, price predictions indicate a potential surge toward the $30 mark. However, the cryptocurrency is currently facing a resistance level at $27.4 on the daily time frame chart, and for a substantial breakout to occur, active participation from buyers is crucial. Recently, SOL experienced a breakout on July 14th, but it failed to sustain momentum and slipped below the neckline. Despite this setback, there is a strong belief that with active buyers showing continued interest in the trade, a recovery to the $30 level may be well within reach.

At the current price, SOL is trading above the 38.2% Fib level, which is the same $25 support SOL broke through earlier. If the $27.8 price zone is broken, higher levels of $30 will be established.

The ongoing momentum and growing interest from investors highlight Solana’s strength as a rising star in the cryptocurrency market. Its recent collaboration with the Solidity compiler and its ability to attract developers from the Ethereum ecosystem have positioned it as a major contender in the race for decentralized solutions and mass adoption. As the crypto industry continues to evolve, Solana’s upward trajectory and potential for continued growth make it an asset to watch closely in the coming days.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.