Solana is one of the top gainers among the big-cap cryptocurrencies today. In the last 24 hours, Solana has been up by 5.65%, and as of 10:14 am GMT+3, Solana was trading at $102.93. Trading volumes are also rising, standing at $2,822,300,374, up 21.91% in the last 24 hours.
This comes at an exciting time when activity is on the rise in the Solana ecosystem. The increasing price of Solana also comes at a time when crypto fund Re7 believes Ethereum is likely where Solana was in 2020 in terms of its metrics and market potential.
Re7 sentiments are driven by Solana’s DeFi ecosystem, technical capabilities, and NFTs. Regarding DeFi, Re7 believes that crypto exchanges have found a market-fit product for Solana, which is a critical factor that drove Ethereum in the last cycle. For context, Re7 notes that Orca, a Solana DEX, is taking up to 40% of all weekly DEX trading volumes. That’s the same level that Ethereum’s Uniswap was trading at in 2020.
Re7 also notes that Solana NFTs are on the rise, similar to what happened on the Ethereum network in 2020. More NFTs are opting for Solana for its low costs and fast speeds. Among those making waves on Solana include top NFT marketplaces like Magic Eden.
Solana Price Yet To Break Key Resistance, But Buying Volumes Are Rising
Solana’s current price shows increasing buying momentum, though a decisive bull signal is yet to be triggered.
In the day, Solana has been trading between its inter-day high of $126.14 and low of $78.13. While bulls have control of the market, they have yet to garner enough momentum to push Solana through $126.14, now a critical intra-day resistance level.
Bears have tried to lower the price in the last 48 hours but were firmly rejected at $78.13. This aligns with the increased bullish sentiment in Solana and across the crypto market.
If bulls can break the wall of short sellers at $126.14, then Solana could enter into a short-term price rally.
Solana Price Prediction: Bulls Still Need Confirmation
The rising activity level in the Solana ecosystem is a big boost to investor confidence. This could be the trigger that will see Solana break the short-term resistance level at $126.14. If this resistance is broken, then Solana price could be on course to test $135.76 in the short term. Breaking this could see Solana test $200.
While this means it could be time to start building up positions in Solana, newer, low-cap cryptocurrencies could offer even better prospects. This may explain why investors are also diversifying into Sui (SUI).
SUI: A Revolutionary L1 With Parallel Execution For Maximum Efficiency
Sui has been among the top cryptocurrency gainers in the last 24 hours. It is up by 16%, while trading volumes have shot up by 96% to stand at $840 million.
Sui prides itself on a Layer-1 chain built for maximum efficiency. It uses Move Programming, which makes it possible to carry out parallel execution of tasks. The result is that Sui can achieve finality in less than a second.
This has seen more developers and investors take an interest in SUI as they seek speed, privacy, and security in the ownership of digital assets. Through Sui, developers see a platform where they can build high-quality and user-friendly applications.
Development is already happening, with Banxa announcing that it would soon add fiat onramps for SUI.
This is a big deal as it will make it even easier for investors to buy Sui, further adding to its long-term liquidity and demand. Even better is that, immediately after the integration, SUI purchases will not be charged, making it easy for investors to access Web 3.0 products on SUI. This was announced on X by the SUI team.
For a limited time, there will be no transaction gateway fees for SUI on Banxa’s platform, providing Web3 users a seamless, and initially, feeless, access to Sui.
— Sui (@SuiNetwork) January 29, 2024
Investors can buy SUI on any of the top cryptocurrency exchanges. It is listed on Binance, Coinbase, Kucoin, ByBit, and many others. This accessibility and the fact that it only has a market cap of $1 billion gives SUI lots of room for growth in a bull market.
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