The price of SOL has risen by 1% today, reaching $153.69 as the wider crypto market loses 0.5% in the past 24 hours.
Solana is now up by 8% in a week and by 18% in a month, with the altcoin also commanding a 535% increase in a year.
Its gains today come as a its 24-hour trading volume hits $2.5 billion, a clear sign of sustained demand for the altcoin.
Meanwhile, with Solana looking forward to updates and continued growth, the SOL price is likely to continue rising in the near and more distant future.
Solana’s Path to $500: SOL Volume Skyrockets to $2.5 Billion – Will It Surpass Ethereum Soon?
After moderate declines over the past week, Solana is picking up again, with its indicators showing improved momentum.
Its RSI (purple) has jumped from a low 30 yesterday to nearly 60 today, a sign that buyers are returning.
Source: TradingView
The key level to watch is around $155: if Solana can break through this price it will have a go at climbing above its medium-term resistance (level), which is currently just above $160.
It’s possible that its ability to pass $160 depends on polling for the upcoming election, with the recent improvement in Trump’s numbers boosting bullishness.
Also, Solana gained strength from the recent news that Grayscale has applied to convert its multi-crypto digital fund – which includes SOL – into a fully fledged ETF.
Assuming that we see a Trump victory, SOL could continue rallying strongly, along with the rest of the market.
That said, Solana’s fundamentals are arguably strong enough that they don’t need a Republican win for SOL’s price to continue rising over the longer term.
For instance, last month saw it eclipse all of its rival layer-one networks in terms of transactions, as traders and developers continue to use its network for trading and issuing meme tokens.
And with Jump Crypto working on the Firedancer client (which could enable it to process 1 million transactions per second), its utility as a layer-one blockchain is only going to increase in the future.
Assuming a Trump win, SOL could hit $200 by the end of November, and $250 by the end of the year.
New Small-Cap Alts May Rally Big
Obviously, SOL is likely to remain a strong performer for the foreseeable future, yet the incoming bull market will also bring other, newer performers.
We’re also likely to see several presale coins perform well, particularly those that have had successful token offerings..
One coin looking very good right now is layer-two project Pepe Unchained (PEPU), which has raised over $20.4 million in its highly popular sale.
This figure suggests that the market is increasingly coming to believe in Pepe Unchained’s project, which will see it launch an L2 network for Ethereum in the coming weeks.
As an L2, its platform will provide speedy transactions and very low fees, including instant bridging between itself and Ethereum.
Its long-term goal is to become an ecosystem for meme tokens, potentially attracting usage away from existing L2s such as Base and Optimism, as well as from Solana.
One incentive to joining its network is that its scalability enables it to offer double the staking rewards it would have as a layer-one meme coin running directly on Ethereum.
This could result in substantial demand for PEPU, which will also be necessary to pay for the network’s transaction fees.
One clear sign of its popularity is that its its official X account now reaches more than 50,000 followers.
This is extremely bullish, since meme tokens generally perform in proportion to the size and health of their communities.
Read More: Pepe Unchained Price Prediction
Investors can join PEPU’s sale at the coin’s official website, where it’s now selling at $0.0106 per token.
This price will rise a few more times before the sale ends, at which point it will list on trading platforms, where it looks like it could rocket.
The post Solana’s Path to $500: SOL Volume Skyrockets to $2.5 Billion – Will It Surpass Ethereum Soon? appeared first on Cryptonews.
This articles is written by : Fady Askharoun Samy Askharoun
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