- Solana excels with a 4% gain, trading above $102 and outperforming major altcoins.
- Despite the broader market’s bearish tone, Solana resists, rejecting $90 support and hinting at more gains.
- With a 475% surge since September, the debate on buying continues, but Solana’s strong developer activity suggests ongoing potential.
In the midst of a crypto market downturn, Solana (SOL) has emerged as a shining star, defying the broader trend of altcoin declines with a remarkable 4% gain.
SOL is currently trading above $102, surpassing major altcoins such as XRP and Cardano (ADA) in performance. This surge positions Solana as one of the best-performing established altcoins this week, even outpacing the growth of Ethereum (ETH) over the past seven days.
The resilience of SOL becomes even more striking when considering the bearish sentiment prevailing in the crypto market following the recent launch of spot Bitcoin (BTC) exchange-traded funds (ETFs). While Bitcoin and most altcoins struggle to remain in positive territory, Solana has powered higher, exhibiting strength in adverse conditions.
Notably, SOL seems to have firmly rejected the $90 level as support, signaling a potential for further upside. The defiance of market trends raises the question of whether it is too late for investors to join the Solana rally.
With a staggering 475% surge since September, some may hesitate due to concerns about the token’s valuation. After reaching lows below $18 last year, SOL’s current price above $100 may seem expensive to some investors.
However, a closer look at Solana’s fundamentals reveals ongoing catalysts that could fuel additional upside. The network boasts a robust and growing developer community, with over 2,500 monthly active developers, sometimes reaching as high as 3,000. This surge in developer activity indicates increasing adoption and suggests that Solana’s momentum may not have reached its peak.
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