The current state of the crypto market is experiencing a decline. Bitcoin price has fallen and is now trading below $70,000. This downward trend has also affected other altcoins, such as Ethereum (ETH), which has seen a decline of around 7% and is now trading below $4,000. Compared to Cardano, XRP, Dogecoin and Shiba Inu, whose overall performance lags behind, Solana has shown promising market performance. Despite a slight drop in price within the last 24 hours, it has shown a 20.3% increase over the course of the week. However, it is important to note that the market is highly volatile, and sudden changes are always possible. In light of these circumstances, the question remains whether Solana’s price will reach $200 in the near future.
Market performance of Solana Price
Solana (SOL) price was volatile today, falling to $160.23 and rising to $186.19. Despite downward pressure from the overall crypto market, SOL fell 2.5 percent before quickly recovering. Currently trading at $180.05, Solana is the only major cryptocurrency to recover. With a market capitalization of 79.78 billion, Solana occupies the 5th position in the market according to CoinMarketCap. The token experienced a surge in trading activity, represented by an increased trading volume of 13.5 billion by 77% over the past 24 hours.
Why is Solana price increasing?
The increase in price came after that Binance announcement of the integration of Solana network in its Binance Web3 Wallst, improving user experience and accessibility to Web3. This integration aligns with Binance’s goal of creating a multi-chain, self-custody wallet to meet diverse Web3 needs. Users can now send, receive and exchange tokens on the Solana network and access various Solana-based decentralized applications (dApps) through the wallet interface.
Ten Solana-based dApps have been added to Binance Web3 Wallet, with more to come in the future. The introduction of the ‘dApp Hub’ streamlines the user experience by consolidating all trending dApps into one tab, making it easier for users to safely explore and interact with different dApps. This UI overhaul aims to provide a convenient and accessible way for users to engage with the Solana ecosystem and other blockchain networks supported by Binance Web3 Wallet.
#Binance Web3 Wallet has integrated @solana!
Manage and trade $SOL effortlessly and access a range of dApps and upcoming airdrops.
Update the app and activate your $SOL wallet to try it 👇
— Binance (@binance) March 15, 2024
Factors that could push SOL to $200
Several factors could push Solana’s price up to $200.
1. SOL Vertical Accumulation
a cryptocurrency analyst, blunt, is bullish on Solana (SOL) as it appears to be in an accumulation phase and poised for growth. The price of Solana has risen since hitting a low in January, and is currently trading at $180, up more than 700% year-to-date. The analyst, known for using Elliott Wave Theory, believes that the cryptocurrency is showing signs of vertical accumulation, indicating potential for further price increases.
Elliott Wave Theory, developed by Ralph Nelson Elliott in the 1920s, suggests that market trends unfold in recurring cycles driven by investor psychology. These cycles typically consist of a five-wave progression in the direction of the prevailing trend, followed by a three-wave corrective phase. The theory is based on the identification of recurring fractal wave patterns that reflect the psychology of the masses.
$sol seems to be piling up vertically since the january 23rd low, the floodgates are about to open imo
— Bluntz (@Bluntz_Capital) March 11, 2024
2. Memecoins Success
The remarkable success of meme coins on the SOL network cannot be overlooked. The prominent memecoin giants WIF and BONK continue their upward trajectory. Clay Robbins, co-founder of Colosseum, highlighted the popularity of meme coins on Solana, attributing it to their pleasant nature and easy accessibility.
Tristan Frizza, the CEO of Zeta Markets, believes that Solana’s boom amid a general decline in cryptocurrency prices is not a mere coincidence. Instead, it indicates the increasing interest in the platform. The rise of the SOL blockchain is not just speculative, but is supported by genuine user engagement. With the growth of transaction volumes and the emergence of DeFi applications, Solana’s potential has only further strengthened.
3. Surge in Total Value Locked and Airdrop Anticipation
According to DappRadar data, there was a 13% increase in the total value locked on the Solana network in just one week, along with a 24% increase in protocol volumes. SOL futures continue to show favorable funding rates, indicating that traders are optimistic about their leveraged positions.
On another note, Coinbase’s focus on an upcoming airdrop for the Geo Boden (BODEN) token generates enthusiasm within the Solana network. Strong fundamentals and growing market interest bolster the confidence of SOL Coin investors
4. Solana Price Prediction
Lokesh, another analyst claims that Solana’s price is showing a U-shaped recovery on the daily chart, indicating a cup and handle pattern. This pattern indicates a potential shift from a downtrend to an uptrend for the asset. The pattern affects the $SOL price, suggesting a stable bullish trend soon. Solana’s breakout above the pattern’s neckline resistance is a significant departure from nearly two years of sideways movement. If the pattern holds, buyers can aim for a target of $250, but there are concerns about a possible pullback driving the price below the neckline support at $125. Key levels to watch are the resistance level at $174-$180 and the support level at $163-$156.
Closure
Solana’s ability to withstand the cryptocurrency market’s recent decline highlights its resilience and growth potential. Despite market fluctuations, SOL has consistently shown strong performance, supported by several factors that suggest a positive outlook. Although challenges such as market volatility and resistance levels persist, the overall sentiment remains optimistic about Solana’s path to reaching the $200 milestone. It is crucial to monitor key levels for any potential changes in momentum.
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
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