Solana SOL is reaping the benefit from recent bullish sentiment. The asset recently reclaimed a $160 value, and at press time is trading around $166. Additionally, SOL is up over 6% today and nearly 16% in the past week.
Solana is back with its trending price momentum, claiming the old price marks to possibly breach a new price high. The prices of SOL are also inflating due to the recent developments that the token is encountering as of late.
The last month has proven beneficial for Solana, as it has increased by more than 21%, according to CoinMarketCap. Heading into the year, there was abundant optimism regarding Solana. The network had long expressed increased potential to compete with Ethereum as a top decentralized network. Just four months into the year, that has proven true.
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With the growth of meme-coins on the network, all of Solana has reaped the benefits, including the native SOL. A new trend analysis on SOL suggests that the token is currently “compressing” within a triangular formation, indicating an upcoming price swell. If all goes well, the bullish streak triggered by the triangular formation can cause SOL prices to touch the $200 mark again, and perhaps higher.
Thanks to this bullish momentum, SOL is poised to reach a new all-time high in its next bull run. $250 isn’t an impossible target, considering all of the positive sentiment around the asset and it’s native network.