Even though the market has decreased slightly, Solana (SOL) has kept strong support levels and boosted investor trust. The altcoin was always one of the best coins, and $6.50 billion of transactions happened every 24 hours. Right now, 3.04% of the market is owned by Solana.
The prominent crypto expert Trader Tardigrade is optimistic about its future. In a recent study, Tardigrade pointed out that the token had an appealing breakout. The stock is now trading at around $170. The expert thinks that the coin will likely go above $1,000 since it has recently left its consolidation stage.
Besides guessing prices, Tardigrade saw significant shifts in the coin environment, mainly the growth of SocialFi apps, which are blockchain-based social networks.
Solana(SOL) Gains Institutional Trust
Even though the coin has dropped 4.50% in the last 24 hours and 1.30% in the last week, the market is still upbeat. Analysts are optimistic about the coin’s short—and long-term prospects.
The recent acceptance of the long-awaited Ethereum ETF should be good for Solana and the cryptocurrency market as a whole. This move could make Solana prices go up even more because more people believe institutions and the market as a whole are feeling positive.
The approval of the Ethereum ETF shows that cryptocurrencies are becoming more accepted in traditional finance. This makes altcoins like Solana more available and easier to use.
Solana hit an all-time high of $259 on November 6, 2021, and a record low of $0.503701 on May 11, 2020. The lowest price seen since the cycle’s high point was $8.00, and the highest price seen since the cycle’s low point was $207. The Fear & Greed Index shows “Extreme Greed” at 76, meaning the market is in an excellent mood.
