TL;DR Breakdown
• The Solana token trades at over $153 today.
• BoFa analyst believes SOL could outperform Ethereum.
The bearish streak in the cryptocurrency market has ended, showing a rising price for tokens like Solana. Since December 2021, virtual commerce has experienced a loss in its value where Bitcoin went from being valued at over $50,000 to falling to almost $40,000. However, the market recovers its value for the third consecutive day.
The cryptocurrency SOL trades at over $153 with an increase of 6.80 percent, according to the graphs indicated by CoinMarketCap. SOL will likely hit new all-time highs in the first quarter of the year if its bullish streak continues.
Cryptocurrency market breaks slump
More than halfway through the second week of the year, the cryptocurrency market appears to recover from a downtrend that, for many investors, was discouraging. Bitcoin, the number one token in decentralized commerce, rises in price to over 3 percent, trading at $43,432. Meanwhile, Ethereum follows a positive pace with a rise of 5.4 percent in the last week.
The uptrend in the crypto market may be due to several technological developments published in the last week, including Solana. Recently Bank of America, a United States banking company, said that the SOL token could be like a Visa for the crypto market. In this way, SOL crypto represents decentralized commerce.
Bank of America strategic agent Alkesh Shah believes Solana has the skills to be the face of the crypto trade. Shah focuses on SOL offers a dynamic Blockchain where projects in DeFi, Web3, NFTs, micropayments, and other novelties can stand out from other tokens.
Solana: Ethereum’s alternate cryptocurrency that promises to outperform it
It is not strange to recognize that Solana is Ethereum’s alternate token for developing Blockchains and other projects for cryptocurrency investors. However, something peculiar about SOL is that it offers fast transactions and a gas rate that does not exceed $0.00025.
Since 2020 Solana has struggled to earn a position in the developing crypto market, reaching number five among the cryptocurrencies with the highest capitalization. However, something prevents SOL from growing more than Ether, which is its uptime. But with time, SOL would become the number two crypto in the market after investors accept that its trade is more attractive than Ethereum.
For now, SOL is trading at $153.52, with a rise of 6.80 percent in the last 24 hours. SOL’s market capitalization reaches $48,931,635,180 while its trading volume in the last day exceeds $2,000,000,000 indicated that it will be possible to maintain its bullish streak.
Source: https://www.cryptopolitan.com/solana-raises-its-price-after-weeks-on-a-bearish-streak/