Solana (SOL) has been drawing attention in the cryptocurrency world with its recent strong rise. The cryptocurrency is currently approaching a significant resistance level, and optimism prevails among investors. One of the main reasons for this rise is the increase in the supply of Tether (USDT) and the effect of interest in meme coins. According to technical analysis, Solana is expected to enter a larger upward wave in the coming period.$SOL
In the last 24 hours, Tether printed $2 billion worth of USDT and directed the entire supply to crypto exchanges. This step was taken to meet the demands of retail and institutional investors in particular, and increased liquidity in the markets and strengthened purchasing power. Many analysts say that this increase in supply could lead to price increases in crypto assets like Solana by strengthening the purchasing power of investors.
Active investors on social media believe that the printing of USDT could trigger a rally and increase market optimism. Thus, a positive atmosphere is created and the expectation of an increase in the market is strengthened.
Solana managed to break through an important resistance level after consolidating for a long time in the $145-240 range in the recent period. Technical analysis emphasizes that this move is supported by high trading volume and gives a strong bullish signal. According to Elliott Wave Theory, Solana is currently in its third wave of expansion. This wave could carry the price to $325, $650 and $1946 respectively.
Particularly the $240 and $145 levels stand out as critical support points. Analysts state that maintaining these levels is an important indicator for the continuation of the rise.
Solana has achieved great success by surpassing Ethereum in trading volume on decentralized exchanges, further increasing Solana’s dominance in the market and strengthening expectations for future price action.
Investors believe that Solana’s bull cycle will continue and it could reach a new all-time high. The liquidity provided by Tether to the market supports this rise. However, it is emphasized that investors should tread carefully given the volatile nature of cryptocurrency markets.
Solana continues to be a cryptocurrency that draws attention with its growth potential. Technical analysis and market dynamics show that it can offer significant opportunities in the future. It is of great importance for investors to follow these developments carefully and act by taking the risk into account. It should not be forgotten that market conditions can change rapidly and investment decisions should be made cautiously.
