WHY Could Solana (SOL) Hit $40?
💥According to a report by CoinShares , Solana attracted the highest inflows among altcoins last week. Bitcoin recorded the highest capital gain among all coins, with $55.3 million inflows. Next is SOL with an inflow of 15.5 million USD, the highest among altcoins. Ethereum, on the other hand, saw an outflow of $7.4 million last week.
Solana (SOL) is currently one of the best performing cryptocurrencies in the top 100 projects. SOL price increased 24% compared to last week and 72% compared to the past month.
Furthermore, SOL has outperformed Bitcoin since the start of 2023. SOL is up nearly 209%, more than double Bitcoin's nearly 83% gain over the same time frame.
SOL's rise is especially commendable as it was one of the projects hardest hit following the collapse of FTX.
Can Solana hit $40?
Solana has seen steady capital inflows over the past few weeks. Cash inflow shows that investors are very confident in the project.
Furthermore, investors are pouring money into SOL despite concerns that FTX received the green light from a US court to liquidate SOL worth millions of dollars. This further strengthens SOL's strong position.
The entire cryptocurrency market is currently following Bitcoin's trajectory. Many analysts believe that BTC price will increase stronger in the near future, based on the following events:
Bitcoin ETF spot applications are being considered for approval by the SEC and the Bitcoin Halving Event is approaching, expected in April 2024.
Both events could give BTC a boost, and analysts predict a crypto market recovery in early 2024. If BTC sees a new bull run, other tokens, such as Solana, will likely follow suit. Therefore, it is entirely possible for SOL to reach 40 USD.
IN YOUR OWN WILL SOLONA reach the price of 40usd?
