Solana (SOL) Up 10% Amid Bearish Altcoin Turn, Here’s the Possible Reason

April 12, 2023 Brazen Crypto Team Altcoin 0

Solana (SOL) is surprisingly leading the momentum of the top 20 altcoins today, with price rise Up by 4.69% in the last 24 hours to $23.47 and by 10.69% in the last seven days. Drawing on the current outlook of the digital currency ecosystem where prices are falling, Solana’s growth has proved worth analyzing.

Thus far, it is clearly unknown what is driving the cryptocurrency’s price. However, several news reports within its ecosystem have helped strengthen sentiment around SOL Token overnight.

First, the protocol announced full integration of the Solana Name Service (SNS) on the Brave browser. While SNS, which offers domain name management, is not entirely a new innovation in the Web3.0 space, the fact that it brings additional utility to the wider Solana ecosystem is a great fundamental to its rapid adoption. makes.

Additionally, tomorrow is the scheduled launch date for Solana’s mobile phone Saga.

The Android phone that was first hinted at last year is now set to hit the market, marking a move of sorts for the Solana ecosystem. All these fundamentals combined are increasing the intrigue among the buyers on a large scale, thus driving up the price of Solana.

Building on Bullish Solana Momentum

Among the top Ethereum killers around, Solana as a protocol comes with a mix of both ups and downs, as measured by its ecosystem trends over the past year.

While the blockchain network is known for its outages on occasion, building on the current bullish momentum is key to sustaining overall growth in SOL. With a reduction of more than 90% from its all-time high (ATH) price, the cryptocurrency has more room for upside growth in the long run.

With the current outlook, Solana is on track for a short term upside rally with the price taking a strong support near the $20 level.

source: u.today