Key Takeaways:
- Solana’s price has increased on the weekly and monthly timeframes, crossing the 180 mark.
- The Solana crypto has flipped Binance Coin to take 4th place as its market cap crosses $88 billion.
- Immortal forecasts the value of Solana could rise to $500 in the coming weeks.
Solana (SOL) Price Skyrockets on Weekly and Monthly Charts
Solana (SOL) is among the altcoins that are trading in the green region at the moment. Solana crypto has profits of 6.7% on the weekly chart and 27.4% on the monthly timeframe as per CoinMarketCap.
Because of this recent increase, the altcoin has crossed above the $180 price level. Also, the Solana coin market cap is now at $88 billion. The cryptocurrency has overtaken Binance Coin in the process, moving up to fourth place.
One analyst who believes the Solana token could reach higher levels is Immortal. The analyst posted a chart on X recently, which showed the value of SOL rising to a peak of $500.
TraderKoz also shares the same sentiment. The expert said Solana (SOL) is breaking out of an 8-month consolidation. According to him, Trump winning the US election is good news for the cryptocurrency community.
The victory could bring more favorable regulations to the cryptocurrency space. It could even open the way for Solana ETFs to finally receive the greenfield.
Based on the analysis shared, the trader expects the value of the Solana (SOL) to reach $500 in the coming weeks. On the flip side, a downtrend might pull the altcoin price to the support levels at 50-SMA ($154.53) and 200-SMA ($151.49).
Institutional Demand in Solana
A new Messari report shows institutional investments in Solana-native blockchain applications rebounding in the third quarter of 2024. In the third quarter, 29 Solana-based decentralized applications (DApps) raised $173 million cumulatively.
This figure represents a 54.3% increase from the previous quarter and is the highest amount since the second quarter of 2022 that Solana has been funded in this capacity. If this funding continues to rise, the SOL price could rise as well.
Lunex Network (LNEX) Follows Market Rally As It Raises $1.9M
Lunex Network (LNEX) is also among the altcoins that are gaining traction in the market. The project has seen a massive influx of users in the past week. The project has realized funding of $1.9 million and could reach $3 million before the end of November. With the current price of $0.0019, analysts have dubbed LNEX the top crypto to buy.
They forecast the DeFi coin could see a 1,800% surge in the months ahead. Lunex Network is revolutionizing decentralized finance through a more efficient way of trading through different blockchains. Currently, it supports multi-chain swapping of over 50,000 cryptocurrencies at top speed and low cost.
Its native tokens, LNEX, have various functions – staking rewards, discounts on transaction fees, and governance rights. The platform also has a Portfolio Tracker to help users monitor their assets. They can track assets like forex, cryptocurrencies, opinions, stocks, indices, and lots more.
What makes Lunex a top project to consider is its revenue sharing mechanism. The project is community-centered and aims to build a platform where everyone can earn. Lunex Network uses part of its revenue to buy back some LNEX coins from the market. Afterward, 50% of the coins are used to reward stakers. The other 50% is used as rewards for other activities on the platform.
Although Solana is a giant in the crypto market, analysts forecast LNEX could rival its performance. According to them, LNEX is a low-cap coin with high utility and connection to an upcoming trading platform that could revolutionize the DeFi market.
You can find more information about Lunex Network (LNEX) here:
Website: Lunex Network
Socials: Join Lunex’s Growing Community
Twitter: Follow Us On X
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