The entire cryptocurrency industry seemed to be witnessing a change. Most assets were leaving behind the bearish weekend and stepping into a bullish week. Solana (SOL) was one among them. The altcoin witnessed a slight spike and surged all the way to a high of $157 earlier today. At press time, following a slight setback, SOL was trading at $152.85.
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Solana’s Market Performance And Price Predictions
Along with its price, the Solana ecosystem was seen reigning in the decentralized finance (DeFi) space. In October, the Total Value Locked (TVL) on Solana hit a record high of almost $6.1 billion. The TVL spike reflects an increase in the network’s DeFi activity.
More than 40 million SOL tokens, or around 8.66% of the total supply that is presently trading on the exchanges, are locked into several DeFi protocols. This highlights a more significant involvement in loan protocols, decentralized exchanges (DEXs), and liquid staking projects, as it already excludes native SOL staking.
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Is $200 Attainable for Solana?
While reaching $200 isn’t impossible for the altcoin, achieving it this month could be challenging. According to data from Changelly, the highest level that SOL will surge to this month is $163. This is way below the $200 mark.
It seems SOL will take quite a while to move beyond the $200 mark. Data from Changelly revealed that the asset would fail to reach this peak in November as well.
However, the asset could significantly boost if the overall market sentiment recovers. CoinMarketCap data pointed out that 83% of 37020 individuals believe that SOL will rise in the near future. A dainty 17% of them were bearish.
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