The Solana (SOL) token has made a notable surge this week, reaching $200 as per Coinpedia Markets, as the crypto bull run continues to gather momentum.
Currently, the price of Solana remains above both the 50-day and 200-day moving averages, signaling strong bullish sentiment.
Traders are optimistic, with many speculating that the coin may be on the verge of a major breakout. Notably, Elja, a popular trader with over 600K followers on X, has predicted that the Solana price could surge by as much as 150%, potentially reaching the $500 mark in the coming months.
Data from DefiLlama highlights an increase in Solana’s trading activity, with over $2.28 billion in daily perpetual trading volume recorded on November 6.
This surge in volume is attributed to growing activity on Solana-based decentralized exchanges (DEXs), such as Jito, Kamino, and Jupiter. These platforms have seen significant increases in usage, with Jito reporting an 18.92% spike in transactions over the past week, and Kamino and Jupiter seeing 12.92% and 15.29% increases, respectively.
With such impressive trading volume and bullish projections, the Solana price now is expected to remain strong in the short term.
As more users flock to the ecosystem, the Solana price prediction continues to lean toward bullish outcomes. Traders and investors alike are closely watching the Sol coin for any signs of further upward movement.
With the Sol price prediction looking increasingly positive, the price of Solana could see significant gains in the near future.