Amidst the rising “Solana Killer” in the market, Solana (SOL) witnessed a significant drop in its value. Earlier today, SOL was trading at a high of $135, but quickly dipped to a low of $130. This sudden decrease in price has caused concern among investors and traders in the cryptocurrency market. At the time of writing, SOL is trading at $130.70, marking a 1.23% decline in the past 24 hours. While this is a slight improvement from Monday’s low of $129, the overall trend is still downward.
Despite the recent price drop, the Solana community remains optimistic about the altcoin’s future. Analysts, such as Joji, have predicted that SOL could reach $500 in the near future. Joji pointed to a historical price chart showing a similar accumulation period that led to a significant price surge in 2021. During the previous bull run, SOL saw an 884% increase from a comparable position, and Joji believes that this cycle will repeat itself. Currently, SOL is 49% below its November 2021 high of $260, indicating potential for growth.
In addition to analyst predictions, Solana has also seen a major spike in active addresses, reaching an all-time high of over 76 million. This increase in active addresses is a bullish sign for the cryptocurrency and could further support its price surge towards $500. The rise in active addresses, along with other factors such as market cap, regulatory climate, and network activity, will play a crucial role in determining SOL’s price trajectory in the coming days.
Overall, the Solana ecosystem has been experiencing a slow but steady rise, prompting speculation about when SOL will hit $500. Investors and traders are closely monitoring the market developments and keeping an eye on key indicators to gauge the altcoin’s potential for growth. As the cryptocurrency market continues to evolve, Solana’s performance will be closely watched by industry experts and enthusiasts alike.