The cryptocurrency Solana is gaining attention due to its significant rise in recent weeks, driven by an increase in the USDT supply from Tether and growing interest in meme coins.
USDT's Impact on the Market
Tether recently issued $2 billion in USDT within 24 hours, positively influencing the cryptocurrency landscape by enhancing traders’ purchasing power.
Solana's Technical Analysis
Technical assessments indicate a continuation of Solana's positive trend. The asset has broken significant resistance levels after consolidating within the $145-240 range, supported by high trading volumes.
Solana's Growth Potential
According to Elliott Wave Theory, Solana is in its third expansion wave, potentially driving prices up to $325, $650, and $1946.
Tether's liquidity provision and favorable technical outlook for Solana present promising growth conditions. Traders should stay alert to the dynamic cryptocurrency market changes.
