Bitcoin just hit a new all-time high (ATH), but Solana is setting the pace among crypto majors with a 6.8% gain today. Can it rally to $200 this month?
Meanwhile, the new Solana layer 2 Solaxy displays incredible strength in its presale, raising $39 million. Will this follow Solana’s lead and explode once it hits exchanges?
Solana Outpaces Peers as Ecosystem Explodes
The market is euphoric right now, with Bitcoin trading above $110,000 and altcoins green across the board.
But amidst this excitement, Solana leads the way among large-cap cryptos. With a 6.8% gain in the past 24 hours, it has just tapped the $180 level.
This makes it the best-performing top five crypto by market cap today, underlining that investors are eager to get involved as market conditions show positive signs.
But this momentum extends beyond $SOL and into its ecosystem tokens. Solana-based meme coin SPX6900 is the biggest gainer among the top 100 cryptos by market cap today, with a 24% gain. It’s followed by fellow Solana meme coins Fartcoin and Dogwifhat, up 21% and 20%, respectively.
It’s no surprise that Solana leads the way in terms of daily active users among all blockchains, with 4.5 million people interacting with it today alone. This figure stretches to a staggering 82 million users over the last month, almost double the next-most-active blockchain, Near Protocol, with 42 million daily active users.
Solana’s vibrant ecosystem is the reason it’s performing so well today, and judging by its on-chain activity, there’s no sign that it will slow down anytime soon. With that in mind, Solana looks poised for an uptrend continuation, but what does its chart say?
Expert Says Solana to Break $200 Within 1 Month
A breakout above $180 will spark a rally to $200 and beyond, says prominent crypto analyst Posty.
He awaited $SOL to retest the $150 level, but noted that it displayed too much strength. Now, he thinks that’s unlikely to happen. Rather, he anticipates a breakout above $180, followed by an upswing to $200, which will happen in early June.
The analyst’s price chart displays the next major resistance level after $180 at $220, suggesting that could be the next target.
But what’s interesting is that analysts don’t believe that $SOL will slow down once it hits $200, or even once it hits $250. Rather, this might just be the start. According to long-term Solana holder Jelle, $SOL could explode to between $350 and $450 once it breaches its current $250 all-time high (ATH).
From a fundamental standpoint, Solana is solid. From a technical outlook, things are even more exciting. With that, we could certainly see $SOL rally to $200 in the near future and then potentially well beyond that level.
As Solana gains pace, analysts are also backing new project Solaxy to see huge gains, given its promising use case and massive presale raise.
Solana Layer-2 Project Solaxy Tipped to 100X as Presale Nears $40M
Solaxy is building the world’s first Solana layer 2 blockchain to resolve the network’s pressing congestion issue.
Although Solana is highly scalable, it can become overwhelmed in periods of peak network activity, leading to longer wait times and increased rates of transaction failures.
Solaxy will solve this with off-chain computation and rollup technology, aiming to provide cheaper, faster, and more reliable transactional throughput than if users were to trade directly on the Solana layer 1 chain.
If it achieves its goal, Solaxy will enable Solana to function flawlessly at all times and even open the network to new use cases.
We’ve seen Solana meme coins make huge gains today, so there’s every chance that $SOLX also explodes. As to how far it could go, Umar Khan from 99Bitcoins thinks it could 100x.
The $SOLX presale has raised a staggering $39 million so far, showing huge investor support.
However, it’s set to end in 25 days, so there’s little time for prospective buyers to get involved.
This article is for informational purposes only and does not provide financial advice. Cryptocurrencies are highly volatile, and the market can be unpredictable. Always perform thorough research before making any cryptocurrency-related decisions.