“Solana’s Unstoppable Price Rally Continues“
On November 15, Solana surged an additional 15%, surpassing $65 and extending its monthly gains to nearly 200%. The cryptocurrency is now the sixth-largest by market cap, overtaking Circle’s USDC stablecoin.
Institutional Backing Boosts Solana
Institutional backing has played a significant role in Solana’s price rally. The Grayscale Solana Trust saw a massive influx of institutional money, with the GSOL share price reaching a 300% premium to the spot Solana price. Additionally, Ark Invest’s Cathie Wood praised Solana for its speed and cost-effectiveness compared to Ethereum.
SOL Price Outlook
The surge in SOL’s price is supported by strong DeFi activity on the Solana blockchain. With a surge in total value locked (TVL) and active addresses, the next immediate price target for SOL stands at $70 and later at $100. However, a drop below the crucial support at $60 could change this bullish outlook.
Hot Take: Solana’s Potential Future Amid Strong Institutional Support
Solana’s recent price rally and strong institutional backing have positioned it as a top contender in the cryptocurrency market. With its speed and cost-effectiveness drawing praise from influential figures like Cathie Wood, Solana’s potential for further growth remains high. However, market conditions can quickly change, so it’s essential to do thorough research before investing in cryptocurrencies.
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