Amid the ongoing back-and-forth movement in the crypto industry, Solana (SOL) price continues to consolidate in a horizontal pattern, which is less interesting to leveraged traders but crucial for hodlers. The low volatility registered by Solana price in the past few months has given buyers a chance to accumulate more coins.
Furthermore, a gradual shift in demand from Bitcoin to altcoins signals an inevitable altseason in the near term. As a result, most investors are closely monitoring the weekly Bitcoin dominance in anticipation of a reversal, which will signal the onset of the parabolic altseason.
Institutions Bet on Solana Network
Apart from Ethereum, the Solana network has been a favorite among more institutional investors seeking to tokenize real-world assets (RWA). Earlier today at the Global Fintech Fest, Nandan Nilekani, co-founder of Infosys, presented a demo on the Solana network of the Finternet project, a user-centric global financial infrastructure tokenizing any asset on a unified ledger.
On Tuesday, Robinhood Wallet announced the integration with the Solana network to enable its customers to self custody SOL and its based tokens. Meanwhile, PayPal’s PYUSD recently surpassed a market cap of $1 billion, with 64 percent of the market share on the Solana network.
The Solana’s web3 activity has significantly grown in the recent past to a total value locked of over $5.1 billion and a stablecoins market cap of around $4 billion. The meme coins on the Solana network have a market cap of about $6.5 billion and a daily average traded volume of around $1.7 billion.
Crucial Midterm Targets for SOL
After Solana price was rejected at the resistance level of around $163, the large-cap altcoin, with a market cap of about $69 billion and a daily average traded volume of around $4 billion, has been trapped in a correction mode.
As of this writing, SOL price had dropped around 5 percent in the past 24 hours to trade about $146. According to crypto trader alias Altcoin Sherpa, SOL price will continue to consolidate between $120 and $150 before an inevitable bullish breakout in the near term.
Also Read: Bitcoin Mining Firm Vortex Bets Big on MicroStrategy Stock—Is This the Next Bitcoin Boom?
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed