{"id":564517,"date":"2023-12-08T08:27:19","date_gmt":"2023-12-08T08:27:19","guid":{"rendered":"https:\/\/wncen.com\/?p=564517"},"modified":"2023-12-08T09:24:45","modified_gmt":"2023-12-08T09:24:45","slug":"why-is-solana-price-up-today-4-major-reasons","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/solana\/why-is-solana-price-up-today-4-major-reasons\/","title":{"rendered":"Why Is Solana Price Up Today? 4 Major Reasons"},"content":{"rendered":"<p>The Solana (SOL price has risen by more than 14% in the last 24 hours and is now trading above $71. Here are the major reasons for SOL\u2019s latest price rally.<\/p>\n<h2>#1 Solana Price Follows Bitcoin\u2019s Chart Pattern<\/h2>\n<p>The Solana price is on the verge of mirroring the price action of Bitcoin (BTC) from last week. Crypto Analyst Jelle highlighted the similarities in a post on X. He stated, \u201cIn bull markets, the simple patterns suddenly start working again. Can SOL follow in Bitcoin&#8217;s footsteps? [&#8230;] Simple patterns still work. Let&#8217;s go!!\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$SOL<\/a><\/p>\n<p>Simple patterns still work. <\/p>\n<p>Let&#39;s go!! <a href=\"https:\/\/t.co\/YFHliFfkG1\" rel=\"nofollow\">https:\/\/t.co\/YFHliFfkG1<\/a> <a href=\"https:\/\/t.co\/dddH2XB5du\" rel=\"nofollow\">pic.twitter.com\/dddH2XB5du<\/a><\/p>\n<p>&mdash; Jelle (@CryptoJelleNL) <a href=\"https:\/\/twitter.com\/CryptoJelleNL\/status\/93194073?ref_src=twsrc%5Etfw\" rel=\"nofollow\">December 8, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>So, what\u2019s the backstory? The Solana price chart currently mirrors Bitcoin&#8217;s recent pattern, exhibiting an ascending triangle formation. This bullish pattern, characterized by a flat upper trend line as resistance and an ascending lower trend line as support, suggests accumulation by buyers and potential for upward momentum.<\/p>\n<p>Bitcoin demonstrated this pattern with a resistance line around $38,000 and an ascending trend line from early November lows. Last Friday, December 1, Bitcoin <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-surges-45k\/\" target=\"_blank\" rel=\"noopener \">broke<\/a> through the neckline which led to a surge to over $44,000.<\/p>\n<p>Similarly, Solana&#8217;s chart shows a resistance near $68 and a comparable ascending trend line from mid-November. With Solana breaking through the $68 resistance today, parallels are being drawn to Bitcoin&#8217;s rally, suggesting that the SOL price could even move higher in the coming hours and days.<\/p>\n<h2>#2 Airdrop Seasons Attracts Investors<\/h2>\n<p>Airdrop season is coming to the Solana ecosystem. While the JITO airdrop (Jito is a Solana-based liquid staking token protocol) made waves yesterday, new ones like Kamino Finance and <a href=\"https:\/\/wncen.com\/news\/celestia-anticipating-a-rebound-post-11-dip\/\" target=\"_blank\" rel=\"noopener \">Celestia<\/a> (TIA) are already on the horizon. Airdrops historically have a very <a href=\"https:\/\/wncen.com\/news\/solana-tvl-balloons-to-over-600-million-what-this-means-for-sol-price\/\" target=\"_blank\" rel=\"noopener \">positive<\/a> impact on the layer-1 coin as they attract new capital to the ecosystem, most necessitating the purchase of the L1 coin like SOL.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/solana\/solana-ascending-triangle-formation-anticipates-price-surge-90-target-in-sight\/\" target=\"_blank\" rel=\"noopener \">Solana Ascending Triangle Formation Anticipates Price Surge, $90 Target In Sight<\/a><\/div>\n<p>Chris Burniske, partner at Placeholder VC, <a href=\"https:\/\/twitter.com\/cburniske\/status\/85319933\" target=\"_blank\" rel=\"noopener nofollow\">remarked<\/a>, \u201cCommunity-focused airdrops within the Solana community will induce tremendous wealth &amp; loyalty effects, further washing away the ashes as the phoenix rises. This trend is only just gaining steam. [&#8230;] Congrats to all JTO hodlers and Jito users that have been rewarded &#8211; Jito and its peers are actively discussing how to fairly include &amp; incent their communities, at scale.\u201d<\/p>\n<h2>#3 Network Growth Continues<\/h2>\n<p>Solana&#8217;s DeFi sector is expanding rapidly. Analyst Jay <a href=\"https:\/\/twitter.com\/0xjaypeg\/status\/20020403\" target=\"_blank\" rel=\"noopener nofollow\">highlighted<\/a> several key metrics: net inflows from ETH to SOL via Wormhole surpassed 48 million in the last 30 days, DEX volume surged from 17.69 million on October 14 to 466.44 million on November 10, and stablecoin market cap increased by over 100 million since October 16.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/solana\/solana-dominates-ethereum-in-daily-active-wallets-sol-back-to-140\/\" target=\"_blank\" rel=\"noopener \">Solana Dominates Ethereum In Daily Active Wallets, SOL Back To $140?<\/a><\/div>\n<p>DeFiLama <a href=\"https:\/\/defillama.com\/chains\" target=\"_blank\" rel=\"noopener nofollow\">data<\/a> shows Solana&#8217;s TVL in DeFi applications grew 117% in the last month to $840.99 million, ranking sixth among all chains and leading in percentage growth. Ethereum, despite leading with a TVL of $29.77 billion, only saw a 46% increase.<\/p>\n<h2>#4 Endorsement By Arthur Hayes And VanEck<\/h2>\n<p>Arthur Hayes, BitMEX founder, has been bullish on SOL in recent days, predicting a rise to $100. He expressed this sentiment on X, <a href=\"https:\/\/twitter.com\/CryptoHayes\/status\/76741511\" target=\"_blank\" rel=\"noopener nofollow\">stating<\/a>, \u201cWho is ready for a weekend alt szn green doji piss up? Can we send SOL over $100? Let\u2019s do it fam.\u201d In another post, he added: \u201cTis the season for stinky fruit bitches. Can\u2019t stop, won\u2019t stop until SOL = $100.\u201d<\/p>\n<p>Remarkably, financial giant VanEck has also been extremely bullish on Solana in its Bitcoin and crypto predictions for 2024. The firm <a href=\"https:\/\/bitcoinist.com\/vaneck-15-bitcoin-crypto-predictions-2024\/\" target=\"_blank\" rel=\"noopener nofollow\">predicts<\/a> that Solana \u201cwill become a top 3 blockchain by market cap, Total Value Locked (TVL), and active users.\u201d<\/p>\n<p>According to the analysis, \u201cETH will lose market share to other smart contract platforms with less uncertainty surrounding their scalability roadmap, such as Solana.\u201d VanEck added that \u201cdecentralized exchange (DEX) market share of spot crypto trading will rise to an all-time high as high-throughput chains like Solana improve the on-chain trading experience for users.\u201d<\/p>\n<p>At press time, SOL traded at $71.67.<\/p>\n<figure id=\"attachment_564528\" aria-describedby=\"caption-attachment-564528\" style=\"width: 3628px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-564528 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/SOLUSD_2023-12-08_09-23-20.png?resize=3628%2C1673\" alt=\"Solana Price\" width=\"3628\" height=\"1673\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/SOLUSD_2023-12-08_09-23-20.png?w=3628 3628w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/SOLUSD_2023-12-08_09-23-20.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/SOLUSD_2023-12-08_09-23-20.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/SOLUSD_2023-12-08_09-23-20.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/SOLUSD_2023-12-08_09-23-20.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/SOLUSD_2023-12-08_09-23-20.png?w=2048 2048w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/SOLUSD_2023-12-08_09-23-20.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/SOLUSD_2023-12-08_09-23-20.png?w=1140 1140w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/SOLUSD_2023-12-08_09-23-20.png?w=3000 3000w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-564528\" class=\"wp-caption-text\">SOL is approaching the 0.5 Fib, 1-week chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/Ivqp6BIi\/\" target=\"_blank\" rel=\"noopener nofollow\">SOLUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\"><a href=\"https:\/\/www.tradingview.com\/x\/Ivqp6BIi\/\" rel=\"nofollow\">Featured image from Shutterstock, chart from TradingView.com<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Solana (SOL price has risen by more than 14% in the last 24 hours and is now trading above $71. Here are the major reasons for SOL\u2019s latest price rally. #1 Solana Price Follows Bitcoin\u2019s Chart Pattern The Solana price is on the verge of mirroring the price action of Bitcoin (BTC) from last week. Crypto Analyst Jelle highlighted the similarities in a post on X. He stated, \u201cIn bull markets, the simple patterns suddenly start working again. Can SOL follow in Bitcoin&#8217;s footsteps? [&#8230;] Simple patterns still work. Let&#8217;s go!!\u201d $SOL Simple patterns still work. Let&#39;s go!! https:\/\/t.co\/YFHliFfkG1 pic.twitter.com\/dddH2XB5du &mdash; Jelle (@CryptoJelleNL) December 8, 2023 So, what\u2019s the backstory? The Solana price chart currently mirrors Bitcoin&#8217;s recent pattern, exhibiting an ascending triangle formation. This bullish pattern, characterized by a flat upper trend line as resistance and an ascending lower trend line as support, suggests accumulation by buyers and potential for upward momentum. Bitcoin demonstrated this pattern with a resistance line around $38,000 and an ascending trend line from early November lows. Last Friday, December 1, Bitcoin broke through the neckline which led to a surge to over $44,000. Similarly, Solana&#8217;s chart shows a resistance near $68 and a comparable ascending trend line from mid-November. With Solana breaking through the $68 resistance today, parallels are being drawn to Bitcoin&#8217;s rally, suggesting that the SOL price could even move higher in the coming hours and days. #2 Airdrop Seasons Attracts Investors Airdrop season is coming to the Solana ecosystem. While the JITO airdrop (Jito is a Solana-based liquid staking token protocol) made waves yesterday, new ones like Kamino Finance and Celestia (TIA) are already on the horizon. Airdrops historically have a very positive impact on the layer-1 coin as they attract new capital to the ecosystem, most necessitating the purchase of the L1 coin like SOL. Related Reading: Solana Ascending Triangle Formation Anticipates Price Surge, $90 Target In Sight Chris Burniske, partner at Placeholder VC, remarked, \u201cCommunity-focused airdrops within the Solana community will induce tremendous wealth &amp; loyalty effects, further washing away the ashes as the phoenix rises. This trend is only just gaining steam. [&#8230;] Congrats to all JTO hodlers and Jito users that have been rewarded &#8211; Jito and its peers are actively discussing how to fairly include &amp; incent their communities, at scale.\u201d #3 Network Growth Continues Solana&#8217;s DeFi sector is expanding rapidly. Analyst Jay highlighted several key metrics: net inflows from ETH to SOL via Wormhole surpassed 48 million in the last 30 days, DEX volume surged from 17.69 million on October 14 to 466.44 million on November 10, and stablecoin market cap increased by over 100 million since October 16. Related Reading: Solana Dominates Ethereum In Daily Active Wallets, SOL Back To $140? DeFiLama data shows Solana&#8217;s TVL in DeFi applications grew 117% in the last month to $840.99 million, ranking sixth among all chains and leading in percentage growth. Ethereum, despite leading with a TVL of $29.77 billion, only saw a 46% increase. #4 Endorsement By Arthur Hayes And VanEck Arthur Hayes, BitMEX founder, has been bullish on SOL in recent days, predicting a rise to $100. He expressed this sentiment on X, stating, \u201cWho is ready for a weekend alt szn green doji piss up? Can we send SOL over $100? Let\u2019s do it fam.\u201d In another post, he added: \u201cTis the season for stinky fruit bitches. Can\u2019t stop, won\u2019t stop until SOL = $100.\u201d Remarkably, financial giant VanEck has also been extremely bullish on Solana in its Bitcoin and crypto predictions for 2024. The firm predicts that Solana \u201cwill become a top 3 blockchain by market cap, Total Value Locked (TVL), and active users.\u201d According to the analysis, \u201cETH will lose market share to other smart contract platforms with less uncertainty surrounding their scalability roadmap, such as Solana.\u201d VanEck added that \u201cdecentralized exchange (DEX) market share of spot crypto trading will rise to an all-time high as high-throughput chains like Solana improve the on-chain trading experience for users.\u201d At press time, SOL traded at $71.67. Featured image from Shutterstock, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":564518,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[12837,86420,83626,85361,86410,90816],"class_list":["post-564517","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-sol","tag-sol-price","tag-solana","tag-solana-price","tag-solusd","tag-why-is-solana-up-today"],"acf":[],"yoast_head":"\n<title>Why Is Solana Price Up Today? 4 Major Reasons<\/title>\n<meta name=\"description\" content=\"The Solana (SOL price has risen by more than 14% in the last 24 hours and is now trading above $71. 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