Solana’s rally has been impressive, reaching new highs. However, it may temporarily face a pause as it approaches a key resistance level. Despite this, the optimism surrounding Solana is not diminishing and will continue to grow due to the meme coin frenzy. With a bullish outlook, the Solana price is expected to shoot higher and could potentially experience an 810% surge.
One factor influencing Solana’s potential for growth is the stablecoin company Tether, which has been minting billions in USDT to match the market demand. Historically, Tether minting USDT has resulted in local bottom formations, eventually leading to massive rallies. If this pattern repeats, it could potentially drive up the price of top altcoins like Ethereum, Solana, and Dogecoin, all of which could rise in tandem with Bitcoin.
Solana’s recent performance has also been notable, with its market dominance increasing by 22% since the beginning of the year, outperforming Ethereum, BNB, and XRP. The DeFi Investor has said that “SOL price discovery will melt faces” after Solana surpassed Ethereum and all layer 2s in DEX volume.
Furthermore, Solana’s performance has been strong enough that it has grazed its previous all-time high at the start of the main run of the bull market. This suggests that Solana’s price could skyrocket and hit $1900 by the end of this bull cycle. In conclusion, Solana’s rally seems to be well-supported by factors like increased market dominance, strong network performance, and Tether’s injection of $2 billion into the market.
These factors suggest that Solana could potentially experience an 810% surge in price, making it a promising investment for those interested in cryptocurrencies.
Source
<p>The post Solana Soars: Tether’s USDT Mints Ignite Frenzy, Pushing Price 810%! first appeared on CoinBuzzFeed.</p>
