Solana protocol is making great strides in decentralized finance, and because of this, it has been labeled the ‘ethereum killer.’ The scalability of the Solana network has led to an upward price movement in the SOL token. At the time of writing, Solana coin was trading at around $43, representing a 16% increase.
Solana Price Analysis and Predictions
Solana’s price analysis shows that the coin is looking strong, which may present a good buy opportunity for the long term.
Looking at the chart above, Solana has already pushed past the 30s support level. It is also closest to achieving its ATH compared to bitcoin and ethereum. The chart also depicts that the cumulative volumes had also increased and would become positive in a few weeks.
The volatility of Solana also remains relatively low because its price shows some form of stability. However, a strong bull will be reported when the volatility average pushes below standard deviation. Moreover, there is still speculation that the token may pull back to a support level of $36, which will present a good buy opportunity.
The price predictions of Solana also show promise of a massive gain in the near term. A roundup of different predictions shows that Solana will shoot in the long term. By the end of 2021, some sources such as SOL will trade between $60 and $137. Ripple Coin News also predicts that by the end of 2023, the token will reach between $100 and $150.
SOL price target: $1,029 in five years
A five-year prediction from different sources also shows that the token will be trading at above $200. Gov Capital even predicts that Solana will reach $1029.87 in five years.
Solana’s gains have been phenomenal, and this is all attributed to the potential of its underlying network to solve scalability issues in blockchain networks. Recently, the firm announces that it had raised $314 million through a token sale. According to a recent report by Decrypt, the funding round was initially slated for March, but it was postponed because of increased demand for cryptocurrencies by institutional investors.
Solana plans to use the proceeds acquired from the funding round to enhance upgrades on the platform and create a trading desk primarily for Solana. Solana is displaying itself as a formidable opponent of Ethereum because of the low gas fees and the high speed of processing transactions.
Where to Buy Solana
With the market analysis and forecasts pointing out that Solana is a good buy, it presents the best opportunities for investors. eToro comes highly recommended as the ideal crypto trading avenue for Solana. It makes it easy for a user to create an account in less time and for free.
Trading on eToro is also great for traders because the trading fees charged on the platform are not very high. Moreover, it offers a copy-trading feature that helps new traders maximize their chances of making profits. This feature allows a new trader to copy what experienced traders are doing, which will help them identify the best times to buy or sell.
Binance is also another reputable crypto exchange platform that supports SOL. The best thing about it is that it allows you to make payments using cryptocurrencies and credit cards as well.
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