In recent weeks, Solana has shown significant strengthening in the cryptocurrency market. This success is attributed to both technical factors and shifts in overall market sentiment.
Current Successes of Solana
Since early September, Solana has been gaining bullish momentum, consolidating its position above the $122 level. Comparable to Bitcoin's success, Solana closed above the daily falling logarithmic resistance trend for the first time since March. The $200 mark became the next target for the crypto asset, securing its fourth place in value after dethroning Binance Coin.
Market Movements
The crypto market has generally gained bullish momentum following Donald Trump's election as the 47th President of the United States and the Federal Reserve's decision to cut the interest rate by a quarter of a point. These changes make Solana more attractive to investors seeking to diversify their crypto portfolios.
Impact on Web3 Cryptocurrency
The Solana network succeeded in attracting over 5 million active addresses in the past 24 hours, significantly surpassing Ethereum's figures. Consequently, Solana continues to challenge Ethereum's dominance in the web3 sector.
With market changes and strengthened positions, Solana continues to assert its influence among the major cryptocurrency players. It is expected to continue attracting attention and investments due to its technological background and successes in web3.
