Solana (SOL) is on a bull run, and many believe it might hit $60 soon. The rally of the digital asset comes amid the rising valuation of Bitcoin (BTC) on the market—as the prime cryptocurrency nearly touched $38,000 last week.
Solana Up by 50%
Solana popped up by 50% over the weekend, outpacing other major cryptocurrencies. The massive gain saw the token jump to $50 in just a month—a price it hadn’t recorded since May 2022. Zooming out the charts also reveals that it underwent a 450% growth YTD.
Early on, SOL was deterred by the $24.25 barrier, but it saw a surge when “Uptober” took full effect. After breaking out from the $28.16 resistance, price continued to rise. However, it was observed swinging around its $33.29 upper resistance for a short time. Solana continued to rise and was eventually rejected by $46.83.
After this, the price began to lose momentum. It retested support at $38.77. On the 11th of November, the price had increased over 51%.
As of this writing at 6:00 AM UTC time on Monday, SOL is still struggling to surpass the $57.84 resistance. The coin is currently trading $57 on major crypto exchanges.
Solana Shoots for $60
Going further, MACD displays an upward-sloping green histogram for SOL. It indicates that the price of this coin is rising rapidly. Also, since the averages are always rising, it is likely that prices will increase in the future.
So, will it finally hit $60?
According to Coinpedia, bulls who continue to keep the price over $54.01 will soon gain momentum, which could lead them to test their resistance level of $57.84. The ensuing events will likely elevate the price higher than the $60.06 upper limit, which would further position the asset for a surge to the $65.08 upper resistance.
If on the other hand bears overcome bulls and fail to maintain an above $54.01 price level for the coin, momentum may quickly evaporate and its value start falling rapidly, eventually hitting its support at $46.83 level and sinking further.
The bleak scenario puts Solana on a sharp price decrease with critical resistance level of 38.77 dollars.
Ethereum Beats Solana in NFTs
Solana is ranked fourth in the NFT market with reported sales of $30.1 million, or just 12% of the volume of Ethereum (ETH), despite outperforming the latter by 127% over the past 30 days. Data obtained from CryptoSlam shows that Ethereum’s sales volume in the last 30 days was $245,000,000. Ethereum’s dominance is evident in its activity, which includes 745,175 transactions and 70,423 purchases.
Hildebert Muiliere, aka Hildobby a data scientist at Dragonfly VC, criticized Solana for just copying Ethereum in an interview with Unchained. Solana also has to contend with the fact that Ethereum is a center of liquidity for other types of activities than just NFTs. This makes the latter hard to replace.
Nonetheless, Hildoby believes Solana can still threaten Ethereum if it leverages its advantages. The data scientist hopes some teams will advantage of the lower transaction fees and a higher frequency offered by the network.