Solana (SOL) is currently leading the crypto market by projecting a stellar price rally. The crypto is up an astonishing 60% in the past month. With such a significant price hike, traders have now flocked to Solana to double their returns and rewards.
According to crypto analytics platform Lookonchain, one such trader has transformed his fortunes by investing a modest 50 SOL to secure a staggering $531K in 48 hours.
At press time, SOL is exchanging hands at $188, up 2.45% in the last 24 hours. The token is expected to breach past critical price thresholds as investor sentiment continues to drive the token forward.
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Rags to Riches: A Trader Earns $531K by Trading 50 SOL
In another notable development, the leading crypto analytics platform Lookonchain reported a striking trader story. The platform took to X to share how a trader made millions by investing 50 SOL into the market.
Notably, the trader seems to have drawn up a strategic plan before floating his money into the market. Per Lookonchain, the trader first explored the $MEW token 20 minutes after opening trading and withdrew 50 SOL from the MEXC exchange to purchase it.
Keeping the strategic element in check, the trader later spent 30 SOL to purchase 368.3 million $MEW tokens. He sold nearly 200.2 million $MEW tokens in exchange for 2,828 SOL, roughly amounting to $530K. Per the platform, the trader still has 168.02 million $MEW tokens in his possession. Keeping the calculations blunt, the trader must have made a profit of nearly $877K, the platform reiterated.
Solana Surge: A Key Price Breakout Imminent In April?
The current bull market phase is favoring Solana as the token continues to hit new price milestones. The network is currently rife with the rising meme coin frenzy, which is significantly driving its price momentum. The token briefly touched the $200 mark in March, hyping investor sentiment, before undergoing a slight price correction.
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However, noting the ascending price patterns, the token is expected to make a full recovery by April 2024.
Per CoinCodex, if Solana continues to leverage the current market wave and momentum, it can surge by a whopping 220% next month.
“According to our current Solana price prediction, the price of Solana is predicted to rise by 228.60% and reach $618.25 by April 27, 2024. Per our technical indicators, the current sentiment is bullish, while the Fear & Greed Index is showing 80 (extreme greed). Solana recorded 19/30 (63%) green days with 16.75% price volatility over the last 30 days.”
The platform further shared an immediate analysis, adding that SOL has the potential to spike by 12% in the coming week.
“Solana may trade within a price range of $188.15 and $211.36 this week. Solana will increase by 12.34% and reach $211.36 by March 31, 2024, if it reaches the higher value target.”