3 Reasons Why Solana Might Hit $200
Solana (SOL) is experiencing a comeback in the crypto market after recovering from recent volatility, caused by a market crash that led to Bitcoin dropping to a support level of $60,000. In this context, Solana has shown resilience with its present value growing by approximately 18% in the past month. The recent Bitcoin halving event, which took place a few days ago, notably adds more interest to Solana’s resilience. Its potential for growth is becoming more evident as the cryptocurrency industry experiences ongoing changes. This article explores three strong reasons pushing Solana towards the desired $200 price point, examining market trends, advancements in technology, and outside influences that are propelling its rise.
Solana (SOL) is showing resilience and positive momentum in the cryptocurrency market, with its price at $157.81, a 2.07% increase in the last 24 hours. According to CoinMarketCap, the token holds the fifth position by market cap at $70.6 billion with a trading volume of $2.6 billion. There are 447 billion SOL in circulation, indicating strong distribution.
Despite fluctuations, Solana remains a leading blockchain platform attracting developers and investors, contributing to blockchain technology adoption
According to Congilass, Solana has experienced short-term liquidations of 2.47million in the past 24 hours. The total liquidations were $5.29 million, out of which $2.81 million were long positions. The closure of short positions indicates that traders who predicted Solana’s price would drop suffered losses and had to close their positions.
This scenario may happen due to a substantial increase in Solana’s price, causing short sellers to receive margin calls or activate stop-loss orders. Closing short positions eliminates downward pressure in the market, potentially enabling Solana’s price to increase more easily without encountering significant obstacles.
$200 reaching is not big deal.
