Solana Defies Bearish Market, Preps to Hit $122 in No Time

Altcoin News

  • SOLANA may hit $122 soon.
  • SOL maintains market top 10 ranks.
  • SOLANA holds over a thousand projects.

Highly scalable blockchain Solana maintains its position as one of the top 10 cryptos in the market. Currently, SOL holds a huge market cap amounting to almost $32 billion with a 24-hour trading volume of more than $2.1 billion. These market resources that the crypto currently possesses enable SOL to keep its top rank in the space.

Furthermore, SOLANA continues to increase the number of its projects every day in its ecosystem. This is because of its blockchain that offers startups a seamless way to begin their projects. Today, SOLANA holds over a thousand different crypto networks on its platform.

Source: TradingView

In terms of market status, the crypto continues to defend its position strategically against the bearish market. To be exact, SOL keeps its position above the Fibonacci golden ratio level of 0.618, an uptrend position. If SOL maintains this momentum, the crypto may be able to advance its position further and break the Fibonacci levels of 0.38 to 0.23. If it does, SOL may reach the high price of $108, leading it towards the bullish price of $122.

However, if SOL fails to keep this trend, the price of the crypto may break out from its current position. In short, the price of SOL may plummet. It may fall below the Fibonacci golden level of 0.618. Hence, this event may trigger FUD among its traders and investors in the network.

At the time of writing, SOL trades at a decent price of $90 with a 7-days growth rate of +3.2%.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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