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Over the last week, Solana’s price has experienced a significant surge, rising by 10% and indicating a bullish momentum in the market.
Following a recent market slump, SOL has rebounded and is currently outperforming other altcoins, with a gain of 4% in the last 24 hours. Can this bullish momentum last?
Solana’s Bullish Momentum Remains Strong
Solana has emerged as the top-performing token in the current crypto bear market, showcasing a remarkable surge. Over the last 24 hours, SOL has experienced a 4% increase in trading value, with its current price standing at $16.58. Moreover, its price has surged by 10% over the past week.
Following the SEC’s classification of Solana as an unregistered security in its case against Binance and Coinbase, the token experienced a decline in its price. Moreover, market uncertainty during the period also contributed to a sharp decline of over 20% in the coin’s value.
However, following some recent shakeups in the market, it looks like things are looking up for Solana. Despite facing scrutiny from the SEC, SOL continues to outshine other tokens targeted by the regulatory agency. While Cardano and Matic have experienced respective declines of 8% and 6% over the past week, Solana achieved a 10% increase during the same period.
Moreover, when observing a longer timeframe, Solana’s prices have surged by 937% since the beginning of 2021, significantly surpassing Cardano’s growth of 90%.
Solana Outperforms Ethereum and Polygon in NFT Transactions
On-chain data platform Messari disclosed that Solana is surpassing Ethereum and Polygon regarding NFT transaction volume. The surge in activity on consumer apps has caused Solana’s NFT transactions to double within the past month.
Experts concur that Solana’s NFT projects are superior to those on Ethereum and other platforms. Despite concerns raised by the SEC, the number of people betting on the Solana network has increased by 2,000 in the last week, as reported by Step Data Insights.
NEW: SOLANA STAKERS INCREASE BY ALMOST 2K IN THE LAST 7 DAYS, TO 317,855 TOTAL STAKERS. pic.twitter.com/QNrJQ3NxVL
— Step Data Insights (@StepDataInsight) June 19, 2023
Moreover, Solana’s prospects for success seem even brighter with an upcoming major upgrade.
JumpCrypto, a technology company that provides solutions for secure, decentralized systems, has recently introduced a new validator client called FireDancer for the Solana blockchain. This development is expected to reduce latency times on the blockchain, thereby bridging the performance gap between decentralized exchanges and their centralized counterparts.
.@jump_firedancer‘s success can unlock several significant benefits for the @Solana ecosystem.
Firstly, it can enhance #DeFi maturity by reducing latency times, bringing decentralized exchanges closer to centralized exchange parity. pic.twitter.com/r8e76rs5iy
— Messari (@MessariCrypto) June 20, 2023
Solana (SOL) 4-hour Chart Analysis
Solana investors are optimistic about its continued upward movement and eagerly anticipate a breakthrough that could lead to another significant surge in value above the 50 moving average.
According to the chart above, the SOL price is on a buy trend after hitting the bottom at $14.20. This shows the resilience of the token, trading along the uptrend line. Furthermore, Solana is trading slightly above the 50 exponential moving average. However, the price is still trading below the 200 exponential moving average, acting as resistance to the price.
Additionally, the relative strength index is trading slightly above the 50-level mark at 56, which indicates that Solana is on a bullish move in the next few days. Traders anticipate the price should reach the resistance level of $19.30, slightly above the 200 exponential moving average.
Solana’s price continues to hinge on the SEC’s lawsuit against Binance and Coinbase, with the potential for volatile fluctuations.
Nevertheless, investors continue to seek alternative projects with real-world value and strong communities, like Launchpad XYZ Platform, which has witnessed strong growth recently.
LaunchPad XYZ ($LPX)
The utility token of LaunchPad XYZ, $LPX, holds promising prospects for investors. The token’s presale has already surpassed $1.02 million out of a possible $1.55 million, indicating strong early investor interest.
🔥💰 $1 Million Raised 🔥💰
A massive thanks to everyone that’s supported us in the #Presale so far!
Some of you are already making money from our signals Telegram – You’re all smashing it ‼️
Come and join the $LPX presale today⤵️
👉https://t.co/CrJA4RkGRf#Web3 #Crypto pic.twitter.com/RdeNFpzJMt— Launchpad.xyz (@launchpadlpx) June 20, 2023
LaunchPad XYZ ($LPX) is a cutting-edge Web-3 platform that provides traders and investors with comprehensive training and extensive resources to enhance their trading experience. The platform empowers users to make well-informed decisions, minimize losses, and maximize profitability by offering valuable market insights, real-time information, and advanced trading tools.
One of the key features of LaunchPad XYZ is its state-of-the-art trading terminal, which enables users to navigate the volatile price fluctuations of the crypto market easily. The terminal provides a live market feed that displays real-time information on various crypto assets. It gives traders valuable insights into market trends and ensures they stay up-to-date to make informed trading decisions.
LaunchPad XYZ also identifies projects with significant potential through its accurate forecasts and insights, giving investors a competitive edge. Users can explore new opportunities and capitalize on emerging trends by staying ahead of the curve.
Investors can buy $LPX tokens now for a discounted price of $0.0445 per token. This price will, however, increase to $0.046 when the presale goes to its next stage in the next few days.
Investors who buy the token now are guaranteed at least a 26.96% return on investment when the token hits popular exchanges at a listing price of $0.0565. The project offers flexibility for buying $LPX directly or swapping it with popular cryptocurrencies like ETH, BNB, or USDT.
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