Last day kriptovalyuta Solana (SOL) has risen more than 10% and is now trading at $230. However, experts believe that the cryptocurrency’s growth will not stop there. And there are three reasons for this.
First, SOL is becoming increasingly scarce as the number of tokens on exchanges continues to shrink. According to analytics platform Nansen, the number of tokens listed on exchanges has fallen by 13% over the past seven days to 282,24 million.
This decline is likely due to many investors moving their coins to self-custody wallets. In addition, holders of the asset are staking SOL. According to StakingRewards, the share Solana in staking is 65%, which is higher than most coins such as Ethereum (ETH) Polkadot (DOT) and Cosmos (ATOM).
Secondly, SOL can continue to grow due to its role in the crypto industry. Data shows that over the past seven days, the trading volume on the blockchain Solana amounted to $32,46 billion, which is higher than the $25 billion in the network Ethereum.
And the last reason pointing to further growth Solana, is a bullish flag pattern formed on the daily chart of the coin and a cup and handle pattern on the weekly chart. The latter indicates that SOL could rise by 97% in the long term and exceed the $500 mark.
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