Solana (SOL) Price Poised To Hit $163 If this Happens

The post Solana (SOL) Price Poised To Hit $163 If this Happens appeared first on Coinpedia Fintech News

Solana (SOL), a fast-growing layer one (L1) blockchain with a Total Value Locked (TVL) of about $138 billion, has continued to make significant waves in the recent past. Valued at about $57 billion, the Solana ecosystem has attracted notable attention from institutional investors seeking to diversify their crypto portfolio from Bitcoin (BTC), and Ethereum (ETH).

Moreover, Solana core developers have been busy building the necessary infrastructure to enable mass adoption of the web3 industry and multichain digital assets. For instance, the Solana network has successfully rolled out its smartphone dubbed Saga mobile which helps users explore the web3 industry securely.

Solana Network Aims to Dethrone Ethereum 

The Solana network gained popularity as an Ethereum killer and has since continued to grow exponentially, despite the notable setbacks caused by the FTX and Alameda Research implosion. Interestingly, the Solana network registered the highest 7-day transfer volume in the past 24 hours, which surpassed the Ethereum network. Nonetheless, Ethereum remains to have the lion’s share of about $69 billion in stablecoins madcap cap compared to $1.8 billion for the Solana network.

SOL Price Analysis

According to a popular crypto analyst Ali Martinez, Solana’s price is on the cusp of a major uproar if the crypto bulls reign in the coming weeks. The crypto analyst argues that SOL/USD has been forming a bull flag in the recent past and a consistent close above the resistance level around $110 could result in an imminent rally above $160.

Worth noting that Solana’s short-term bullish outlook will significantly be impacted by the decision made by the United States Securities and Exchange Commission (SEC) on spot Bitcoin ETF by January 10.