Solana price has reached $190, sparking excitement among investors and the broader cryptocurrency market as $300 target comes into view.
By Godfrey Benjamin
Editor Julia Sakovich
Updated
3 mins read
In what appears to be a sizable recovery, Solana SOL $185.7 24h volatility: 4.6% Market cap: $99.82 B Vol. 24h: $15.12 B has reclaimed the $190 price level. This action has sparked excitement in the market, with many market observers anticipating a higher price gain moving forward. Additionally, its market capitalization and 24-hour trading volume have experienced notable increases within this short period.
Solana has consistently proven itself to be one of the best-performing altcoins in the cryptocurrency ecosystem. Based on market capitalization, it ranks as the 6th largest cryptocurrency among its many counterparts.
Its fast transaction speeds, low transaction fees, and growing adoption in Decentralized Finance (DeFi), Non-Fungible Tokens (NFT), and Web3 have made the coin stand out distinctly.
At the time of this writing, SOL was trading at $190.61, corresponding with a 6.94% price rally within the last 24 hours. Additionally, its market capitalization has increased to $102.56 billion, while its 24-hour trading volume has reached $7.82 billion, representing a 71.89% rise. The outlook for these key metrics suggests a strong positive sentiment surrounding Solana.
Meanwhile, technical indicators suggest that SOL may soon accumulate further gains. Analysts and market watchers are anticipating a potential surge toward the $300 mark by the end of 2025. Their confidence stems from the trajectory of technical indicators, which is supported by growing market optimism.
Notably, indicators like the Relative Strength Index (RSI) and M.A. Cross suggest SOL breakout might be sustained for much longer.
SOL Price Analysis | Source: TradingView
It is worth noting that the recent SOL price gain far surpasses the prediction made by Ali Martinez, the crypto analyst who is known as ali_charts on X. In early July, just when the SOL price was hovering around $150, the analyst posted on X that Solana’s price chart had formed a symmetrical triangle.
As a result, he forecasted the possibility of SOL price gaining 8% to reach $164. Not only has the altcoin reached this predicted level, but it has also surpassed it by a double-digit gain.
While there is no definitive answer to the question of how high the SOL price can soar, the current conditions surrounding the coin encourage further gains. One of which is the fact that real-world assets (RWAs) tokenization on the Solana ecosystem is booming.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
