“Ethereum Layer-1 Competitor Solana Continues Unstoppable Price Rally”
The price of Solana (SOL) has surged another 7% to move past $47, continuing its unstoppable rally. This surge comes on the heels of BlackRock filing for a spot Ethereum ETF, providing a strong push for the cryptocurrency.
“Solana Price Rally”
The massive rally started a few weeks ago, with the price of SOL increasing by over 113% in the last month. The surge has allowed the altcoin to surpass a 15-month-old resistance level set at $46. Although it is currently trading above this level, sustained momentum would be confirmed by a daily candlestick closure and subsequent testing of this price as a support level. However, if investors opt to secure profits and the rally becomes unsustainable, SOL’s price could potentially face a downturn.
“Why the SOL Price Could Rally Above $50?”
Popular crypto trader Jacob Canfield expects the Solana price rally to continue during the current bull market cycle. He believes that Solana will be one of the biggest movers and has outlined some conditions as to why the rally could continue.
“SEC Approves FTX Revival”
The recent surge in SOL price gained traction due to widespread bullish sentiment in the cryptocurrency market and optimism surrounding the potential revival of the bankrupt exchange FTX, an early investor in the token. SEC Chair Gary Gensler emphasized the importance of conducting the revival process within legal bounds. Despite FTX systematically selling all unlocked SOL from its wallet over the past two weeks, the Solana rally has continued.
“Hot Take: Solana’s Potential Amidst Market Conditions”
It’s clear that Solana’s impressive rally is driven by various factors, including market sentiment and optimism about FTX’s potential revival. With strong momentum and favorable conditions against Ethereum, SOL has the potential to emerge as a significant winner in this market cycle. However, it’s crucial to conduct thorough market research before investing in cryptocurrencies to minimize personal financial loss.
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