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5 Reasons Why Solana (SOL) Price Skyrocketing Daily

Solana (SOL) price breaks $100 psychological support and moving strongly towards $150 amid the bullish rally
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5 Reasons Why Solana (SOL) Price Skyrocketing Daily

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.

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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.

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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.

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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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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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