Crypto Analyst Says Solana (SOL) Will Easily Reach $200

On Saturday, August 28, 2021, $SOL continued its journey to the $100 price level as the price action setup continues to amaze investors and analysts. As the price increases, the market capitalization also is increasing tremendously, making the token increase in rank on the market capitalization table.

Solana blockchain’s $SOL is an open-source project employing a new, permissionless, high-performing blockchain managed by the Solana Foundation based in Geneva.

Data from TradingView.com revealed that on the FTX crypto exchange, the price of $SOL had reached another all-time high of $96.3625 today, August 28, 2021, at 4:13 pm UTC. This is about 4% lesser than the anticipated $100 price mark. As of 5:35 pm UTC, the token is trading at 95.5175 USD, representing about a 12.34% increase in the last 24 hours. This is a good gain compared to that of Bitcoin and Ethereum, which gained 1.44% and 0.47%, respectively.

This huge price increase has caused the market cap of the token to increase alongside reaching $26.8 billion. The increase in market cap has also made the token rise on the list of the most valuable digital assets per market cap, making it the 8th most valuable token.

More than the facts listed above, another reason the crypto community is singing the praise of $SOL is its performance on the SOL/USD and SOL/BTC one-month chart. The chart revealed a tremendous hike around August 14, 2021.

Ryan Watkins, a Messari research analyst, sent a reminder to the crypto community earlier today that the value of the Solana token has increased up to 31 times than it was by January 8-9. The co-founder and the CEO of FTX, Sam Bankman-Fried, has also revealed how he has been bullish on the token since it was around $3 in value.

A famous YouTuber also took to Twitter to express her view of the $SOL bull run. She said, “$SOL will not only hit the $100 price level, but it will eventually reach $1000.”

Different other Twitter users have revealed their opinion on digital assets. Some of them are based on speculation, some based on technical analysis. A comment worthy of mention is a crypto influencer on Twitter that goes by the pseudonym Bluntz. He claimed $SOL would reach $200 easily, and his confidence is based on his technical analysis.

Currently, the market capitalization of Solana is just about 7.4% of that of Ethereum as of 06:25 pm UTC, but it has signs of increasing more.

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