Solana is one of the best gainers in the cryptocurrency market. Despite BTC stagnating at around $47K, Solana has made double-digit gains, and has created a new all-time high. Its market capitalization has shot up to $17 billion, and it is currently ranking tenth in the crypto charts after displacing Uniswap, Chainlink and Bitcoin Cash.
Solana is trading at $63.63 at the time of writing after a 43.4% gain in 24 hours.
Solana Price Analysis
The cryptocurrency market seems to have consolidated, given that BTC and ETH have failed to create new weekly highs. However, Solana has defied the odds, and it is a leading gainer in the market. SOL reaches an all-time high of $63.33 in the past 24 hours, and despite a slight retreat, bulls seem strong enough, and another high could be created.
Buyers are jumping in to buy SOL, leading to the next resistance of $64 being retested. If strong market support jumps in at this point, we could see SOL heading towards new highs of $70 and above.
SOL has gained by around 130% in the past month, making it one of the best gainers in the recent market rebound. While this is good news, it could also lead to a sharp correction if the market dips, where SOL could retest the lows of $52. Solana was trading at this level before the sharp rise in the past 24 hours.
Buyer support is not the only factor fuelling Solana bulls. The launch of Wormhole, a bridge connecting the Solana network and other decentralized finance (DeFi), is now open for transfers. The tool will bring interoperability to SOL, where cryptocurrencies, non-fungible tokens and other data can flow between blockchains. Wormhole will be available to Ethereum, Binance Smart Chain and Terra.
The other factor contributing to Solana bulls in the past 24 hours is the Mango markets funding round. Mango Markets is a decentralized exchange launched on Solana. The DEX raised $70.5 million in 24 hours of the token sale. This is the largest seed-funding round in the DeFi sector.
Where to Buy SOL
If you want to buy SOL bulls, you can create an account on the following platforms:
One of the exchange platforms where you can buy SOL is eToro. eToro is a leading social copy trading platform. It supports a wide range of tools, such as low trading fees. eToro is also supportive of many cryptocurrencies and trading pairs.
The other platform that supports SOL is Coinbase. Coinbase is one of the largest global exchange platforms. The exchange supports a wide range of altcoins, making it convenient for investors who want to diversify their portfolios.
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