The crypto market made an impressive rebound on Thursday, with bitcoin touching $50K. Only three out of the top 50 cryptocurrencies were trading in the red zone on the same day. However, this trend has reversed, and now most coins ate back to the red zone. However, Solana’s uptrend remains uninterrupted despite the volatility across the broader market.
Solana is trading at $138.06 at the time of writing after a 21.4% gain in 24 hours.
Solana Price Analysis
Solana continues to attract interest across the market, especially from traders looking for price action. Solana’s value has increased by over four times since the late July dips. The altcoin continues to make new all-time highs, with the current one standing at $138.
Currently, Solana’s buying pressure continues to build up, which means there is an increased chance of the upswing going on. The next resistance lies at $140, which SOL will break out of if the support continues. From here, Solana’s next target will be $150. Solana’s 30-day gains stand at over 300%, which means that a further uptrend throughout September could see gains surpass $200.
On the flipside, Solana’s price action could fail, especially if buyer support is exhausted. With the tremendous gains made over the past month, traders could begin to sell if the price action weakens. Solana’s lower support of $134 and $128 could be retested if this happens.
The recent Solana uptrend has created debate on whether the network is better than Ethereum. Audius, a blockchain streaming platform, is the latest project to land on Solana and leverage the network’s scalability. Audius plans to conduct NFT integration on Solana.
Towards the end of August, Solana roused online debate after posting a flame on its Twitter page. This led to speculations of token burning, but the platform has now announced that the news detailed a global Hackathon. The Hackathon will give up to $5 million in global prizes and seed funding to developers worldwide.
Where to Buy Solana
If you want to buy Solana, you can create a cryptocurrency exchange account on the following platforms:
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You can also buy SOL from Coinbase. Coinbase is one of the largest exchange platforms, supporting a wide range of cryptocurrencies and trading pairs. Coinbase is supportive of new traders with educational guides and user-friendly features.
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