Solana continues on its unstoppable worth rally gaining an extra 15% and transferring previous $65 on Wednesday, November 15. With this Solana has prolonged its month-to-month positive aspects to almost 200% whereas eyeing its subsequent potential massive goal of $100.
With yesterday’s positive aspects, Solana is now the sixth-largest cryptocurrency by market cap unsettling Circle’s USDC stablecoin.
Solana Receives Institutional Backing
The Ethereum competitor Solana has acquired robust institutional backing which can also be one of many causes behind this mammoth SOL worth rally. The Grayscale Solana Trust witnessed a large inflow of institutional cash with the GSOL share worth capturing previous $200 final week.
At one level, the GSOL share was buying and selling at a staggering 300% premium to the spot Solana worth. However, the low cost has now been diminished to 100% premium, this week.
On the opposite hand, Ark Invest’s Cathie Wood showered main praises on Solana. During her interview with CNBC’s Squawk Box, Cathie Wood stated:
“Solana is doing a really good job. Ether was faster and cheaper than Bitcoin [back] in the day — that’s how we got Ether. Solana is even faster and [more] cost-effective than Ether”.
Wood expressed her optimistic sentiment towards Solana, highlighting her affinity for the altcoin. She acknowledged that Solana’s downtime, referring to intervals of community upkeep or outages, is noticeably larger in comparison with Ethereum.
“People are willing to put up with that because maybe the transaction sizes are not as large or for some reason are not as important, they just want speed and cost as their top priority. Each one of [the networks] is going to have a place,” she added.
SOL Price to $100?
The large SOL worth rally additionally comes because the Solana blockchain has been displaying strong DeFi activity. Since the beginning of October, the full worth locked (TVL) within the protocol has surged by a powerful $233 million, reaching $557 million. Additionally, lively addresses within the Solana DeFi sector have seen an increase, recording 130,554 within the final 24 hours.
As Solana reveals energy on the technical charts, the subsequent quick SOL worth goal stands at $70 and later at $100. This optimistic perspective can be supported by the incidence of two golden crosses, signifying situations when the 50-day Exponential Moving Average (EMA) (purple) crossed above each the 100-day EMA (blue) and the 200-day EMA (purple).
However, the bullish sentiment wouldn’t longer prevail if the Solana worth tanks beneath its essential help at $60.
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