#Solana #Cryptocurrency #CryptoMarket #CryptoInvestment #AliMartinez #SOL #DigitalAsset #CryptoPricePrediction
The broader cryptocurrency market has been experiencing a significant upsurge recently, and Solana (SOL) has not been left behind, demonstrating an impressive growth of over 60% within the last month. One of the most promising digital assets in the market, Solana has continually been a subject of interest among investors who are looking for the next lucrative opportunity.
Cryptocurrency analyst, Ali Martinez, provided valuable insights on December 7 into Solana’s likely price movements which could serve as pivotal information for investors. Martinez suggested that a strong close above $68.2 could propel Solana further towards the $90 mark. As per the latest trends, Solana has exceeded these expectations, closing higher than predicted and maintaining a consistently bullish momentum in the immediate future. There has been a dramatic increase in Solana’s total value locked, rising from $600 million to $833 million over 24 hours – as reported by Step Data Insights on December 9.
Meanwhile, Solana’s native token, SOL, has earned spotlight due to its extraordinary price surge. The price of SOL broke the $70 barrier, and it is currently trading at roughly $77 per token. This represents an increase of over 500% since the start of the year. In fact, SOL’s impressive rally has earned it a spot among the top performers in the altcoin market, alongside giants like Cardano and Avalanche which have experienced weekly rises of above 40%.
In addition to the price surge, there has been an increase in Total Value Locked (TVL) in Solana’s blockchain to approximately $670 million as of December 5, as per data from DefiLlama. However, this figure remained relatively lower than Q4 2021 when SOL’s price peaked at over $250 and the TVL went past $10 billion. Not just traders and investors, even investment firms appear significantly bullish about Solana’s future. VanEck, for instance, predicts that Solana could enter the crypto spot ETF contest by 2024, as per analysts Matthew Sigel and Patrick Bush in a recent report.
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