After close to 5-weeks, Solana (SOL) jumped +20% in the indices today and breached the $100 mark. SOL touched $102 in the day high from a low of $86 and is now hovering around the $96 mark. The phenomenal spike came after Bitcoin shot up more than +10% today and made other cryptos spike along with it.
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Apart from Solana, Avalanche (AVAX) is also looking towards breaching the $100 mark. It is currently trading at $86 after seeing a +20% spike today. If the market stabilizes for another day, AVAX could also breach the $100 mark and repeat a similar feat as SOL.
Solana was trading at a mere $0.50 during the first half of last year. The crypto kicked up a storm as it steadily spiked up for five months from May to November 2021.
Investors who took an entry position in the first half of 2021 saw a handful of returns, as it turned out to be profit-generating crypto. It’s risen a spectacular +19,351% from its all-time low of $0.50 and is among the most sought-after cryptos in the market.
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How High Can Solana Go From Here?
Solana remains to be the top choice for both day traders and long-term holders as the crypto have a proven record of price volatility. It remained rock solid under the top 10 cryptos list for close to a year despite experiencing several market crashes.
SOL goes in tandem with Bitcoin’s rise and fall and its growth is tied to the top crypto. However, the market conditions around the world don’t favor a full-scale bull run. Sell-offs are expected in Solana that could make the price retrace.
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It is advised to remain cautious after every spike and take an entry position while making use of the dip. This gives steady returns despite the odds and also keeps investments from not dipping drastically during a downturn.
At press time, Solana was trading at $96.19 and is up +11.3% in the 24-hours day trade. It is up +643.2% since the last 365-trading days.