Solana price has bucked the trend recently. While other digital currencies like Bitcoin, Ethereum, and Ripple have dropped by double digits, it has risen instead. It is trading at $16.50, which is 40% above where it was 5 days ago. It has risen by more than 800% this year, bringing its total market cap to more than $4.7 billion, making it the 18th-biggest cryptocurrency in the world.
What happened: The past few days have been relatively difficult for cryptocurrencies. At some point, the price of Bitcoin fell by more than 20% in a matter of hours. However, the Solana price has risen sharply as investors reacted to the increasing adaption for the network.
As I wrote last month, many developers were turning to Solana because of its proof-of-stake (PoS) capabilities and the fact that it is faster, secure, and censorship-resistant. It is also relatively cheaper than ETH, with the average cost of a transaction being $0.0004. The total number of transactions in the network has risen to more than $12.3 billion.
The Solana price has jumped this week after it launched The Raydium Protocol, which provides on-chain liquidity to a central limit order book. In the announcement, the developers said:
“meaning that Raydium’s users and liquidity pools have access to the order flow and liquidity of the entire Serum ecosystem, and vice versa.”
Solana price prediction
On the four-hour chart, we see that the Solana price rose to an all-time high of $18.20 this week. This happened shortly after the price rose above a bullish flag pattern. Today, it remains above the 25-day and 15-day weighted moving averages. Also, the momentum seems to be continuing.
Therefore, in the near term, I suspect that the price will continue rising as bulls focus on the resistance at $20, which is about 22% above the current level. However, a drop below $15 will invalidate this trend.
SOL price chart
