The recent Solana price explosion has shaken up the cryptocurrency world. With its stellar price rise, SOL continues to forge a new path ahead. The token is boosting and impacting the overall market momentum in a positive light.
Per CoinMarketcap, Solana continues to breach new price thresholds, sitting on top of leading cryptos as one of their strongest contemporaries. Solana has recently flipped BNB to claim the spot as the fourth-largest cryptocurrency by market cap.
SOL’s remarkable price hike has also started to birth new millionaires. Per the data shared by LookOnChain, one lucky investor seems to have netted a profit of 704x by trading Solana through strategic market mechanisms.
Also Read: Solana (SOL) Price Prediction: Signal Hints at Impending ATH
Trader Acquires Profits Worth $260K By Trading Solana
A new investor story shared by crypto analytics platform LookOnChain is gaining the central spotlight among the crypto community on X.
The platform shared a story of how an investor made a staggering profit of $260K by trading a modest amount of SOL tokens.
The platform later elaborates on the story, sharing how a trader first sold his 2 SOL tokens to acquire a meme coin dubbed SHAD. After acquiring nearly 90 million SHAD in exchange for 2 SOL, the trader seems to have traded approximately 80.3 million worth of SHAD to purchase 1401 SOL tokens.
Netting a whopping 704x worth of profit, the trader’s remarkable trading mechanism has stunned the crypto community on X.
This isn’t the first time traders have made stunning profit acquisitions leveraging the bull market momentum. Another trader had made millions after trading leading meme coins such as PEPE and BONK.
Also Read: Solana Breaches $200: Is SOL Eyeing $250 Next?
Solana Price Analysis
The Solana network is currently undergoing a major network transformation. The blockchain is consistently working towards diversifying its use cases. With SOL hitting a new all-time high, trader and market activity is signaling a positive push for the crypto holistically.
Additionally, CoinCodex predicts that Solana is gearing up for the long haul, eyeing the $250 mark. The platform predicts SOL to ascend to $279 by March 26.
“..Based on these Solana projections, SOL will be changing hands at $279.23 on March 26, 2024, gaining 49.27% in the process.”