Solana (SOL) closed last week on a very bullish note, above $200 for the first time since the onset of the 2022/2023 crypto bear market in late 2021. With SOL price against the USD up 7.7 percent in the past 24 hours, the large-cap altcoin, with a fully diluted valuation of over $115.5 billion, has dethroned Binance coin (BNB) as the fourth largest digital asset.
The heightened demand for SOL from different web3 platforms has pushed the Solana network to its limit, thus scaling transaction fees to the roof. For instance, a meme coin trader paid 1 SOL worth around $201 to send 350 SOL worth around $70k through the Raydium DEX today.
Solana Price Well Primed for New ATH
Solana’s price is still in the early stages of the second bullish wave after a successful breakout in the past three weeks. With all indicators pointing to a new ATH in the near term, SOL price must consistently close above $200 in the coming days to invalidate a pullback toward the support level of around $157.
According to a SOL analysis by a popular crypto analyst alias Altcoin Sherpa, the large-cap altcoin will likely push toward $500 before the end of this year fueled by the meme coin frenzy.
Why Bet on SOL Price Win
Solana network has outgrown the FTX-induced headwinds and is currently a top contender in scalable smart contracts. The Solana ecosystem has attracted significant cash inflows from institutional investors and retail traders through its meme coin industry.
The notable adoption of Solana’s Saga mobile is an indication of the future growth prospects of its web3 ecosystem amid the mainstream adoption of digital assets.