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Solana bulls are back in the spotlight, aided by the strong technical edge and new projects building on the Solana blockchain, spearheading the recent crypto market recovery. Solana (SOL) price surpassed $100 psychological level backed by strong uplift in trading volume, with analysts predicting a move to $150. Here are 5 reasons behind Solana price rally.
Key Reasons Behind Solana Price Rally
Solana-Based Projects In Demand
Solana-based projects are leading the crypto market recovery in multiple spaces including decentralized exchanges, lending protocols, staking, NFTs, and other areas.
From Lending protocols Solend, Marginfi, and Kamino, staking protocols Marinade Finance and Jito to NFTs such as Mad Lads and Tensorians are making waves in the crypto market despite spot Bitcoin ETF hype. Moreover, Helium and Render Network are also growing swiftly.
Jupiter DEX and Airdrops
DEXs Jupiter, Orca, and Drift witnessing massive trading volumes. Jupiter even flipped the leaded Uniswap V3 in crypto trading volume amid WEN and JUP airdrops. The recent airdrops saw massive success, causing Solana flipping Ethereum on multiple fronts.
Jupiter co-founder Meow took to X on January 29 to reveal that they will conduct airdrops every year, starting the process every November and run until January. However, recent participants will not be included in the coming round of airdrops.
Solana Roadmap For 2024
While peers are looking for layer-2 for growth, Solana’s co-founder Anatoly Yakovenko prioritizes commitment to Layer 1 scaling for unparalleled blockchain efficiency and innovation.
Moreover, developers in the Solana ecosystem can anticipate groundbreaking enhancements, from token extensions to institutional support, promising a year of innovation and growth. Solana’s ground-up rebuild of the validator client Firedancer has promised to optimize networking, runtime, and consensus components.
Success of Solana Saga Mobile
After the success of Saga smartphone, Solana Mobile has announced plans to unveil Saga Chapter 2. The successor to Saga will have new hardware and be cheaper in terms of price.
The recent BONK airdrop hype caused a massive buying of Saga smartphone, causing it to go out of stock. People flock into BONK airdrop as price rallied over 3000% in a month.
SOL Price Breaks Multiple Support
Popular crypto analyst Ali Martinez predicted Solana price to hit $113 as it seems to break above the descending channel. Michael van de Poppe also gave bullish outlook on Solana, saying “It’s ready for upward continuation.” He predicts SOL price to continue moving higher towards $140 as a higher timeframe support test at $80 provided support.
SOL price has soared 7% in the past 24 hours, with the price currently trading at $104.77. The 24-hour low and high are $95.68 and $104.43, respectively. Furthermore, the trading volume has increased by 40% in the last 24 hours, indicating a rise in interest among traders.
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