2024

Solana

when

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 <p class="paragraph">Solana’s native cryptocurrency, SOL, has surged over 17% in the last week to reach around $171 at press time. The cryptocurrency‘s monthly returns stand at around 30%, outperforming most big-cap crypto rivals, including Bitcoin (BTC).&nbsp;</p>
 <p class="paragraph">This strong performance has fueled optimism that SOL could soon target the $200 mark.</p>
 <p class="paragraph">The uptick in SOL’s value can be attributed to several factors, including bustling meme coin trading, strong stablecoin volumes, and decentralized finance (DeFi) activity.&nbsp;</p>
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 <p class="paragraph">Additionally, declining U.S. bond yields indicate a growing appetite for riskier assets like crypto.</p>
 <p class="paragraph">Moreover, Robinhood has broadened its crypto services to Europe, launching its first crypto-staking product. This new feature allows European customers to stake Solana through the app for a 5% yield.</p>
 <p class="paragraph">This move has boosted investor confidence in Solana, highlighting its potential and stability.</p>
 <h2 class="wp-block-heading" id="h-rising-interest-in-solana-nfts">Rising interest in Solana NFTs</h2>
 <p class="paragraph">In a significant shift within the decentralized exchange (DEX) sector, Solana has recently outpaced Ethereum (ETH) in daily trading volumes, sparking discussions about its potential to challenge Ethereum’s long-established dominance in the cryptocurrency market.</p>
 <p class="paragraph">Solana has seen a notable increase in first-time wallets interacting with its NFTs over the past week, particularly within top collections.&nbsp;</p>
 <p class="paragraph">Data from <em>Tiexo </em>shows a slight uptick in Solana NFT volumes, primarily driven by these collections. The number of unique wallets has risen by 159% over the last seven days, reaching about 180,000.&nbsp;</p>
 <p class="paragraph">The most significant growth came from first-time wallets, which surged by over 39% to exceed 56,000.&nbsp;</p>
 <p class="paragraph">This increase in activity indicates a growing interest and engagement in the Solana NFT ecosystem, underscoring the platform’s expanding appeal among new users.</p>
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">I am a believer that $SOL potentially gets back to ~$200 by end of month.<br><br>Would be a complete reversal on the monthly timeframe and a signal that $SOL is ready for ATH.<br><br>Patience. pic.twitter.com/nhSll7unvd</p>— Daniel Cheung (@HighCoinviction) May 16, 2024
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 <p class="paragraph">Choung pointed to forthcoming network enhancements, such as the highly anticipated Firedancer, a secondary chain client created by <em>Jump Crypto</em> designed to boost the network’s efficiency, as key factors driving this optimism.</p>
 <h2 class="wp-block-heading" id="h-solana-price-movements">Solana price movements</h2>
 <figure class="wp-block-image size-full"><img decoding="async" width="720" height="524" src="https://cdn.thebittimes.com/images/2024/05/19/8484f09d0615839a8fb109669a69185f.webp" alt class="wp-image-176776" srcset="https://cdn.thebittimes.com/images/2024/05/19/8484f09d0615839a8fb109669a69185f.webp 720w, https://cdn.thebittimes.com/images/2024/05/19/8484f09d0615839a8fb109669a69185f.webp 300w" sizes="(max-width: 720px) 100vw, 720px">
  <figcaption class="wp-element-caption"><em>SOL 7 day price chart. Source: Finbold</em>
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 <p class="paragraph">Currently, SOL is changing hands at $171. Analysts predict that a successful breakout could push its valuation close to $190, and an eventual move toward the $200 resistance level is within reach.&nbsp;</p>
 <p class="paragraph">Should the bullish momentum continue, SOL might even hit $250 in the next upward run. Conversely, a market downturn could see SOL retract to the $155 support line.</p>
 <p class="paragraph">&nbsp;If bearish trends prevail, the price may drop to $150, indicating a bearish shift.&nbsp;</p>
 <p class="paragraph">Despite potential setbacks, the current recovery trends suggest that SOL is well-positioned for further gains, pointing to a promising outlook for the altcoin.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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Here’s when Solana could hit $200

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