Solana (SOL) has distinguished itself from other altcoins, surging by 7.5% in the past 24 hours.
As a sentiment-driven cryptocurrency, SOL—ranked #5 by market cap—has the potential to continue its upward trend if the market sentiment remains optimistic.
📈 Solana has been making some separation against other altcoins, surging +7.5% in the past 24 hours. SOL is a particularly sentiment driven cryptocurrency, and the #5 ranked market cap asset can continue to surge if the crowd shows disbelief. pic.twitter.com/PM9Nlx6OrX
— Santiment (@santimentfeed) August 7, 2024
According to analyst Ali Martinez on X, Solana experienced a brief correction to around $135. Now, with the price breaking through $146, SOL is positioned to reach between $150 and $166.
#Solana had the brief correction to around $135! Now, breaking $146 positions $SOL for $150-$166! https://t.co/IgfhDGGasO pic.twitter.com/TRRdI206jf
— Ali (@ali_charts) August 6, 2024
Solana Achieved All Time High Against Ethereum
Notably, Solana has achieved an all-time high against Ethereum. In the last 24 hours, over $22 million has been bridged from Ethereum to Solana via the Wormhole protocol. This significant influx of funds highlights growing confidence in Solana’s potential and the increasing appeal of its ecosystem.
🚨 REPORT: In the last 24 hours, over $22 million has been bridged from Ethereum to @solana via @wormhole. pic.twitter.com/2nE99XNjKw
— SolanaFloor (@SolanaFloor) August 6, 2024
Solana’s recent performance and the substantial capital flow from Ethereum underscore its rising prominence in the cryptocurrency market. If the crowd continues to support Solana, we could see even higher valuations in the near future.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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