The Solana price soared to an all-time high as demand for the fast-growing Ethereum-killer soared. The SOL token is trading at $230, which is the highest it has been on record. It has risen by more than 1,045% from its lowest level in July, bringing its total market capitalization to more than $69 billion. It is the fifth-biggest cryptocurrency in the world after Bitcoin, Ethereum, Binance, and Tether.
Breakpoint as a catalyst for SOL
Solana price has soared in the past few months as investors cheer its strong adoption rate. Today, the platform has become a leading player in Decentralized Finance (DeFi), where its apps have a total value locked (TVL) of more than $13 billion. This is substantially lower than Ethereum, whose apps have a TVL of more than $173 billion.
Solana has also become a major player in the non-fungible tokens (NFT) industry. NFTs are digital products that have sentimental value to most people. They are sold using blockchain technology. A recent report showed that secondary sales of Solana NFTs made more than $497 million in revenue recently. According to CryptoSlam, Solana NFTs made about $176 million.
Solana has alos become a key player in the decentralized gaming industry. It is also widely used in other decentralized autonomous organizations (DAOs) and the metaverse.
The next key catalyst for the Solana price will be the upcoming Breakpoint event. This will be a physical and a virtual event that will take place on November 9th. The physical event will be in Lisbon.
It will have a slate of key speakers, including Sam Bankman of FTX, Jeremy Allaire of Circle, Kyle Samani of Multicoin Capital, and Amy Wo of Lightspeed. Historically, such major events tends to have a major impact on a cryptocurrency.
Solana price prediction
The daily chart shows that the SOL price has been in a bullish trend recently. It has formed what looks like a cup and handle pattern in the past few weeks. And this week, it managed to move above the upper side of the cup.
The Solana price is also being supported by the 25-day and 50-day moving averages while oscillators like the MACD and the Relative Strength Index (RSI) have risen. Therefore, the coin will likely keep rising in the run-up to the upcoming Breakpoint event. Here is my previous SOL prediction.
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