The post Solana Chapter 2: Will Major Announcements Spark a SOL Price Surge? appeared first on Coinpedia Fintech News
The Solana (SOL) ecosystem will be focused in Singapore for the next two days and is awaiting major announcements that could spark bullish sentiment. The large-cap altcoin, with a fully diluted valuation of about $80 billion and a daily average traded volume of around $3.4 billion, has consolidated in a horizontal channel between $122 and $192 in the past six months.
The ongoing SOL price consolidation has allowed long-term investors to buy more coins.
According to weekly data from CoinShares, Solana’s investment products registered a net cash inflow of about $3.8 million last week, bringing total assets under management (AUM) to about $1.108 billion.
Midterm Solana Price Expectations
Observation about $SOLIn an area of support. If support gives way, then large rectangle will complete and point toward $80 and change pic.twitter.com/66L6We7ewZ
— Peter Brandt (@PeterLBrandt) September 18, 2024
According to veteran trader Peter Brandt, Solana’s price must rebound from the current weekly support level to avoid further capitulation towards $80. However, the 50 bps rate cut by the Fed on Wednesday changed the entire crypto market outlook, with the bulls expected to take control.
Furthermore, October, alias ‘Uptober’, is less than two weeks away, which will kickstart the fourth quarter bull run and extend to next year.
Why Bet on SOL?
Apart from Bitcoin and Ethereum, the Solana network is the most favored blockchain by institutional investors and has a vibrant web3 ecosystem, with over $4.8 billion in TVL and around $3.8 billion in stablecoins market cap. Already, the monthly active addresses on the Solana network have scaled to an all-time high of above 75 million.
Solana Seeker Mobile
1/ We’ve been deep in build mode for months, and we’re excited to show you what we've been working on.Introducing the next chapter of Solana Mobile: the Solana Seeker pic.twitter.com/2UW3Wqhymw
— Solana Mobile 2⃣ (@solanamobile) September 19, 2024
Meanwhile, the Solana network takes pride as the only top-tier blockchain with a dedicated smartphone to enhance the mainstream adoption of its DeFi protocols. Ahead of tomorrow’s Breakpoint event in Singapore, the Solana team has announced a new and sleeker mobile device dubbed Solana Seeker.
The Solana Seeker will be peeking up from the Saga mobile but at a cheaper price of about $450. Furthermore, the Solana Seeker will integrate with artificial intelligence to help users generate tokenized AI agents.
