Solana (SOL) went up by about 4.50% in the last 24 hours, reaching $158.65 on September 27.
Solana, a good blockchain platform, has gotten more expensive recently. Its price went up by about 4.5% on September 27, 2024, reaching $158.65. This is happening because other cryptocurrencies are also getting more expensive. This is partly because the economy is doing better and a report said Solana will do well in the future.

VanEck’s Bullish Forecast
A key factor contributing to SOL’s price increase is a recent bullish forecast from VanEck. In a report from September 25, an investment firm predicted that Solana’s price could rise to $330. They also suggested that SOL might capture 50% of Ethereum’s current market value.
VanEck is optimistic about Solana because it processes transactions much faster and more efficiently than Ethereum. SOL can handle thousands of transactions per second, which is 3,000% more than Ethereum. It also has 1,300% more daily active users and its transaction fees are almost 5 million percent cheaper than Ethereum’s.
These factors make Solana more attractive for high-volume transactions, particularly in areas like payments and remittances, where speed and cost-efficiency are crucial. After VanEck’s positive prediction, SOL’s price went up by 7.50%. Investors are feeling more confident about its potential use in decentralized finance (DeFi).

Impact of Loosening Monetary Policies
In September, major central banks around the world lowered borrowing costs in response to slowing economic growth. The US Federal Reserve lowered its interest rate by 0.5%, setting it between 4.75% and 5%. The European Central Bank also relaxed its policies due to weak economic data from Europe.
In China, the People’s Bank of China (PBoC) took several steps to make borrowing cheaper. The Authorities have reduced the amount of money the banks are supposed to have in reserve.
When monetary policies become more relaxed. it creates a better environment for riskier investments like cryptocurrencies and Lower interest rates make borrowing cheaper and increase the money available, leading investors to look for higher returns in riskier markets, This change in investor behavior has helped Solana’s price go up recently.
Technical Analysis: Breaking Key Resistance
SOL’s recent gains are part of a recovery trend that started on September 5. During this time, the price dropped to what traders call the “accumulation area”
One of the most striking technical features is the black downtrend line, which has acted as resistance since SOL’s peak near $205 in March. On September 26, Solana’s price went above a line that had been holding it down. This is good news for Solana. The next level Solana needs to go above is $155.70. If it can do this, it might go up to $165.23 or even $174.75.

Broader Market Sentiment
Other cryptocurrencies are also doing well. This is because more companies are using them, technology is getting better, and the economy is doing better, Solana’s price going up is part of this trend.
Moreover, Solana’s ecosystem continues to grow, with increasing numbers of projects and developers choosing its blockchain for its high performance and low transaction costs. As more apps and users join SOL, its network becomes stronger, making it an even better investment.
Solana’s price has gone up recently due to several reasons. A positive prediction from VanEck, easier monetary policies, and good market vibes have all helped. Solana is performing well and its ecosystem is growing, making it a good choice for those interested in cryptocurrency. However, remember that investing in cryptocurrencies can be risky, so it’s important to do thorough research before investing.
Also Read: Polkadot vs Solana: The Better Blockchain Choice for 2024 Revealed!