In the past few trading sessions, Solana has traded in a sideways market, within very narrow price margins of between $22 and 25. However, looking at the long-term trend, Solana is still looking aggressively bullish and has surged by over 130 percent since the year started.
Why is Solana’s price surging?
There are many reasons why we continue to see Solana’s price continuing to surge. One of these reasons is the recent industry-wide aggressive bullish push. Solana, being an altcoin that is impacted by the general trend of the industry due to its significant correlation, has seen its price and value also pushed upwards.
The current industry-wide bullish push has also meant that more investors are returning to the crypto industry. The impact of this has seen a growth in the daily transaction volume of Solana, which in turn has seen its value continuing to rise.
Following the collapse of the FTX crypto exchange last year in November, Solana came under pressure for its associations with the exchange’s founder, Sam Bankman-Fried. However, fast forward to today, and the project has been able to dissociate itself from the figure, which has boosted its standing with investors and resulted in the current aggressive bullish trend.
Additionally, Solana has been able to attract partnerships with companies such as ChainGuardian, which aims to provide a more secure and efficient way of securing digital assets. This partnership is expected to further increase the adoption of Solana, which in turn, is likely to drive the value of the crypto back to what it used to be before the FTX bankruptcy.
Solana Price Forecast
As seen from the above fundamental analysis, Solana’s prospects of continuing with the current bullish trend are high. The analysis also shows that, with the current industry-wide bullish trend, we will likely continue seeing its value rise.
On the technical side of things, my Solana price forecast expects the current sideways market to end soon and for the crypto to resume the long-term bullish trend. There is a high likelihood that we might see it trading above the $30 price level in the coming sessions.