🤩 Why is the price of Solana (SOL) rising?
The price of Solana rose 40% in the last 10 days, reaching $133 on April 17, up from a low of $95 on April 7, showing an upward trend. Here’s why:
🟡 Launch of the first spot ETF for Solana: The first spot ETF for Solana in Canada was launched on April 16, increasing demand and liquidity. These ETFs allow traditional investors to access SOL with staking options.
🟡 Institutional adoption: The real estate fintech company Janover doubled its investments in Solana, demonstrating confidence in its long-term value. Other institutional players are following the same path.
🟡 Increase in network activity: Solana attracted over $120 million in liquidity from other blockchains like Ethereum and Arbitrum, increasing network activity and capital flows.
🟡 Technical breakout: SOL broke the descending wedge pattern, targeting $200. The RSI increased, signaling strong bullish momentum.
🟡 TVL growth: The total value locked (TVL) in Solana increased by 12% in the last week, reaching $7.08 billion, surpassing competitors like Tron and Base.
The combination of these factors points to a promising future for Solana. Traders are expecting a possible rally towards $200!
What do you think? Will Solana's rally continue?
$SOL $BTC #BinanceAlphaAlert #BinanceLeadsQ1 #SolanaSurge #BinanceLaunchpoolINIT #PowellRemarks
