Solana (SOL) Price Up 15% Shooting Past $70, Next Target $100?

Ethereum Layer-1 competitor Solana continues to make bold moves shooting by another 15% and moving past its crucial resistance of $71. As of press time, Solana (SOL) is trading at $71.71 with its market shooting past $30 billion.

Amid the strong bullish momentum, Solana has extended its weekly rally to more than 18% and monthly rally to more than 65%.

SOL Price Rally to $100?

Solana (SOL) has stood out as the sole major altcoin with a remarkable 600% YTD rally, offering substantial profits to holders, with the potential for more gains if the Solana price surpasses $71.

Current indicators, including the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), show bullish signals, aligning with optimistic projections for Solana’s price surpassing $71.

As the SOL price has already crossed the crucial resistance levels, analysts are predicting an additional 30% rally with a minimum price target of $90. In a message yesterday, Crypto analyst Ali Martinez suggested that a breakout above $68.2 could propel $SOL towards $90, but warns of potential profit-taking and a drop to $47 if $60 support weakens.

Solana (SOL) surged more than 8% to $69, hitting its highest level since May 2022, after a three-week cooldown from its mid-November peak. Arthur Hayes, the crypto investor and BitMex exchange founder, suggested a $100 price target, speculating about a bullish weekend for altcoins in a post on X on Tuesday.

Who is ready for a weekend alt szn green doji piss up? Can we send $SOL over $100? Let’s do it fam 🫡🫡🫡🫡🫡🫡

— Arthur Hayes (@CryptoHayes) December 5, 2023

Solana’s DeFi Progress

The strong SOL price rally also comes on the backdrop of major progress made in Solana’s DeFi ecosystem. Jito, the DeFi platform built on Solana, initiated its highly anticipated airdrop on Thursday, distributing approximately $225 million worth of free tokens to Solana users globally.

At the airdrop’s commencement at 11:00 am EST, the JTO token launched at $6.01, valuing the 90 million tokens slated for airdrop at a substantial $540.9 million. However, the token’s value subsequently dropped 58% to $2.50, as reported by CoinGecko.

🗣️ $JTO and its new airdrop has been atop our trending tokens list, according to data on #X, #Reddit, #Telegram, & #4Chan. Additionally, #Bitcoin is seeing a variety of discussions about its future, and several other assets are seeing #FOMO due to pumps. https://t.co/zOAJGKilQu pic.twitter.com/KliLJPkur8

— Santiment (@santimentfeed) December 8, 2023

The airdrop is a significant benefit for Solana DeFi participants, with over 54 million of the 90 million JTO tokens already claimed today, as reported by SolScan. Eligible claimants include JitoSOL holders, Solana validators utilizing Jito MEV clients, and users of Jito’s MEV services. Jito’s roadmap indicates plans for additional token airdrops in the future.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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