The last 24 hours as seen a significant increase in the total market cap of global cryptocurrency. Solana also enjoyed a similar surge as it increased by more than 30% in the last 24 hours. This uptrend as resulted in the coin rising to a new all-time time.
A few hours to the time of writing, the SOL/USD pair rose to an all-time high of $195. The new ATH is a result of the ongoing uptrend in the market as the coin continues to flip more resistance and showing no signs of testing any critical support. The constant price hikes are no surprise to Coinfomania.
In one of the latest analyses, a prediction of Solana stated SOL may experience a massive influx of investors, but it may remain overbought until the end of the year. If this proves true, the coin may surge above $150 by the end of the year. How high can SOL get this month? Let’s consider two factors.
Market Conditions
Solana is experiencing one of the favourable conditions in the market as of the time of writing. Over the last 30 days, the coin trading volume averaged at a steady 50% daily. The coin is currently enjoying an increase of 241% over the last 24 hours. The previous influx of traders as previously predicted is what we are seeing in the market today.
As Solana soars, concerns grow of its correction with few traders treading cautiously. If current market conditions continue to favour the coin, we may see the SOL/USD pair experience more uptrends and test $250.
Continual Increase In Utility
There was a whopping 388% spike in weekly inflows for Solana (SOL)-based products, with SOL products absorbing $13.2 million. The spike is a result of institutions interest in the coin and some satisfying their curiosity by investing in the altcoin. Data from previous months also shows the Solana blockchain utility increase as more crypto products highly sought it.
