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).
This strong performance has fueled optimism that SOL could soon target the $200 mark.
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.
Additionally, declining U.S. bond yields indicate a growing appetite for riskier assets like crypto.
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.
This move has boosted investor confidence in Solana, highlighting its potential and stability.
Rising interest in Solana NFTs
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.
Solana has seen a notable increase in first-time wallets interacting with its NFTs over the past week, particularly within top collections.
Data from Tiexo 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.
The most significant growth came from first-time wallets, which surged by over 39% to exceed 56,000.
This increase in activity indicates a growing interest and engagement in the Solana NFT ecosystem, underscoring the platform’s expanding appeal among new users.
Choung pointed to forthcoming network enhancements, such as the highly anticipated Firedancer, a secondary chain client created by Jump Crypto designed to boost the network’s efficiency, as key factors driving this optimism.
Solana price movements
SOL 7 day price chart. Source: Finbold
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.
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.
If bearish trends prevail, the price may drop to $150, indicating a bearish shift.
Despite potential setbacks, the current recovery trends suggest that SOL is well-positioned for further gains, pointing to a promising outlook for the altcoin.
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