Solana

Coin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/solana-sol-strives-to-regain-100-amid-market-fluctuations/" data-wpel-link="internal">Solana (SOL) Strives to Regain $100 Amid Market Fluctuations</a> 
At the time of writing, one of Ethereum’s biggest competitors, Solana (SOL), was trying to exceed $100 again. Today was a classic weekend, and we saw a continuation of weakness in altcoins with declining volumes. However, SOL Coin has accelerated its recovery a few hours ago, continuing the day with a 7% gain at $99.6. 
<h2 style="text-align: justify" id="solana-sol">Solana (SOL)</h2> 
After the collapse of FTX, SOL Coin, which has completely recovered its losses, has made significant gains in the past few months with the GSOL connection due to revived institutional demand. GSOL, which reached its all-time high in November, created a leverage effect for investors and caused a massive demand on the spot side. 
<img loading="lazy" loading="lazy" decoding="async" class="wp-image-302396 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/01/GSOL.png" alt="" width="1200" height="658"> 
However, as confirmed by the past week and the weeks before, inflows into SOL Coin funds have slowed down. Since interest has shifted to spot <a href="https://en.coin-turk.com/crypto-markets-rebound-as-sec-faces-setbacks-will-cryptocurrencies-rise/" data-wpel-link="internal">BTC</a> ETFs and the speculative relationship between GSOL and the spot price has become even more noticeable, a rise may not be triggered from this channel for a while at least. 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-302398 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/01/CoinShares-SOL-Coin.png" alt="" width="775" height="559"> 
However, the positive sentiment in the overall market suggests that the Solana network, by maintaining over $1.3 billion in TVL, could see new peaks in 2024. For this to happen, the price of ETH needs to exceed $3,500, significantly breaking BTC’s market dominance and opening up space for altcoins. 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-302400 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/01/Solana-SOL-TVL.png" alt="" width="1053" height="602"> 
Considering that the total locked value in the Solana network has come from levels of $300 million, we can say that the recovery is not only in the price but also in the Solana ecosystem in general. Of course, the benefits brought by supporters like BONK and JTO should not be overlooked. Perhaps the Solana network should focus more on airdrops in the coming months to attract more users. 
<h2 style="text-align: justify" id="sol-coin-price-predictions">SOL Coin Price Predictions</h2> 
The price seems to be rising from the ascending trend line for now, turning the $97.67 barrier into support. The recovery could continue with the current positive mood up to the resistance at the $112 region. However, since the US markets are closed tomorrow, what will happen is uncertain. There aren’t any major developments on the macro front throughout the week, but we are approaching the Fed meeting at the end of the month. 
<img loading="lazy" decoding="async" loading="lazy" class="wp-image-302401 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/01/SOLUSDT_2024-01-14_19-18-06.png" alt="" width="1201" height="554"> 
Markets generally prefer to be cautious during Fed meetings. If we see the same caution following inflation and employment data, it will be justified. Although the target for the year is $200, the short-term barriers of $112-126 are not an easy feat. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/solana-sol-strives-to-regain-100-amid-market-fluctuations/" data-wpel-link="internal">Solana (SOL) Strives to Regain $100 Amid Market Fluctuations</a></h5>

Solana (SOL) Strives to Regain $100 Amid Market Fluctuations

Table of Contents

COINTURK NEWS

Other articles published on Jan 14, 2024

Here Are Updated Ethereum ETFs Deadlines

Dogwifhat (WIF), the most talked-about meme coin on Solana, experiences an impressive 141% surge ...

JPMorgan Cautious on Spot Ethereum ETFs Approval by May Deadline

The Banner Saga Trilogy: A Decade of RPG Excellence

Ethereum’s Upcoming Enhancements and Layer2 Solutions

Expert Analysts Reveal Huge Price Forecasts for Ethereum (ETH), Pullix (PLX), and Arbitrum (ARB) ...

Join our free newsletter for daily crypto updates!