Solana, a cryptocurrency similar to Ethereum has registered a price gain of 25%, It recently crossed $170 mark. Analysts are expecting further increase in the price of SOL and its showing bullish pattern further by the end of this week.
According to On-chain data provider Santiment, Solana has a 33% increase in price before 4 July. This increase has happened due to the doubt among the people regarding SOL. Despite this rally, Santiment says investor enthusiasm has not yet reached FOMO (fear of missing out) levels. Therefore, he believes that the SOL price may continue to rally to $200 until the current FOMO gives way to FUD (fear, uncertainty, and doubt).
Solana Price Surge to Continue This Weekend
According to Sentiment, Solana’s price has increased by 33% since July 4 due to investor skepticism. Despite this growth, there is not much enthusiasm among investors yet, so the price of Solana may rise to $200 until FOMO (fear of missing out) begins. The recent rise comes after a double-bottom pattern, with $175 the immediate next resistance level, Crossing this level could take the price to $200 or higher.
The rally is fueled by speculation about ETFs and a rise in the total value locked in DeFi, now at $5.10 billion. The market capitalization of stablecoins on the Solana blockchain is $3.268 billion. Network fees hit $1.7 million, and revenues exceeded $838,973 in the last 24 hours, boosting utility and economic activity.
SOL Rally to $1,400
Solana price is forming a flag and bull pattern for a multi-year uptrend. If Solana price surpasses $200, it could pave the way for the next big rally to $1400, which would be a 600% increase from current levels.
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