Reasons Why Solana Prices Are Rising, Check Out the Following Analysis!

Bittime - Solana (SOL) price recently stole the show with its impressive surge, surpassing Binance Coin (BNB) to become the fourth largest cryptocurrency by market capitalization. How did Solana grow so fast that it was able to displace BNB? Following are the details of the analysis:

Solana Price Surge Driving Market Capitalization Growth

Source: TradingView

Solana price has seen significant increases, recently surpassing $185 and approaching $190. This surge allowed SOL to surpass BNB, with Solana's market cap reaching $86.024 billion, beating BNB's $84.623 billion. The main catalyst behind this rise included the approval and launch of an Ethereum spot ETF, which shifted investors' focus to Solana as a potential ETF candidate.

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Increased Institutional Interest in Solana

Solana has seen a significant increase in interest from institutions. In the week ending July 20, Solana recorded the highest inflow of any altcoin after Ethereum, with an inflow of $9.6 million compared to Litecoin's $2.2 million. This heavy interest from institutions shows that Solana is becoming an increasingly popular investment option, driving the price up and increasing the potential for further profits.

Increased Solana User Activity

Since the start of July, Solana has seen a significant spike in the number of daily active addresses, reaching over 2 million. The 38% increase from 1.45 million addresses recorded on July 10 shows the continued growing interest and confidence in Solana among the crypto community, further supporting its bullish outlook.

Solana Price Prediction Based on Technical Analysis

Solana's current price of $185 forms a double bottom pattern, a bullish indicator often referred to as a “W” pattern. This pattern suggests a potential rally of 31%, with a price target of $245 and a near all-time high of $260. However, if the breakout fails, Solana price could drop to $175, invalidating the bullish outlook.

Crypto analysts highlight a bullish pennant formation for Solana on the weekly time frame. This pattern, which appears after an uptrend, signals the continuation of an uptrend after a consolidation phase. Solana price, which peaked above $200 in April before entering a consolidation phase, has now broken out of this pennant, indicating renewed bullish momentum.

Solana is currently trading at $184, marking a gain of 7% in the past week. Analysts predict a substantial long-term rally for Solana, with price targets as high as $1,000. To achieve this ambitious target, SOL needs to break through various resistance levels and reach new all-time highs.

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Conclusion

Solana's latest achievements, including surpassing BNB and breaking out of a bullish pattern, highlight its strong potential for future growth. With increasing institutional interest and user activity continuing to rise, Solana is well positioned for continued success in the cryptocurrency market.

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To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.