Solana Might Hit Its ATH Soon

Solana is moving towards its all-time-high value with a 30% hike from its one-week ago value. So, will Solana be able to achieve it, or is it just a false call that the market volatility will take over Solana? Let’s discuss that in this blog.

Solana Price Analysis

Solana is ranked number 5 on Coinmarketcap because of its market cap, which is $58,923,820,237 after a 3.6% hike. It is a proof-of-stake blockchain that offers Smart Contracts functionality and has its native token SOL.

SOL is trading at $132.79, a 3.25% hike from yesterday’s value, with a trading volume of $3,216,803,291. This price increment is because of the increased transactions, as the volume has hiked by more than 12%.

Comparing it to the previous week, SOL prices have increased by 30% from the previous $103 to the currency of $132.79. This value has broken the record of the last 22-23 months as a higher peak seen after two years. The last time it peaked this much was after the six months of its all-time-high record of $260.06 on 7 November 2021.

Why Solana Can Hit Its ATH?

Solana has many features that help it keep its stand among the top cryptos in the market. Because of the two main reasons, its price has hiked right now, which will also play a significant role in pushing it to ATH. These are: –

Bullish Market Condition

Bitcoin is the most superior cryptocurrency in the world and is also moving towards its all-time high value at $69,000. Because of Bitcoin’s dominance, its current growth rate is also affecting the rest of the crypto market. It has impacted the prices of Solana along with the cryptos that are based on Solana, like BONK and WIF. BONK has surged by more than 40% in the last 24 hours whereas WIF has surged by 360% in a few days. Its impact is also visible in the Solana prices.

Solana’s Predominance In the NFT Sector

The one factor that distinguishes Solana from other crypto is its predominance in the Non-Fungible Token sector, where it has a transaction volume of $7.9 Billion. Solana’s user base is much more than its crypto, and being connected to NFTs, it has a greater authority or dominance in the industry. It would help Solana in attracting a broader user base and expand its position in the crypto market.

One more significant indication of SOL’s future success is the ‘Total Value Locked’ in the Solana Blockchain. Its TVL has reached its all-time high value since the 2022 data, which will have a powerful impact on the dApps market. It will lead to better price momentum, resulting in the new ATH value in the upcoming months.

Conclusion

The ongoing bullish market has shown its impact on the Solana native token SOL as well, where it has surged by more than 30% in the last few days.  Solana is trading at its best value of the previous 22 months and is moving towards the ATH value of $260.06.

It depends on the market trends and the crypto volatility and how ahead it can move this time. Rest Solana does have the potential to cross its ATH if the market situation accompanies this crypto. Read more about why the LUNC price fell recently.