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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Solana Breaks $80 Barrier, Why It Could Still Climb 4x From Here

Reynaldo Marquez
Reynaldo Marquez
3 years ago
2 mins read
Solana SOL SOLUSDT

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Making its way into the crypto top 10 by market cap, Solana (SOL) has reached a new all-time high briefly hitting over $80 in the past day. At the time of writing, SOL trades at $76,38 with a 15% profit in the daily chart.

Solana SOL SOLUSDT
SOL with minor losses after a rally in the daily chart. Source: SOLUSDT Tradingview

Solana has remained impervious to the downside price action experienced by most cryptocurrencies in the top 10. As NewsBTC reported, SOL records over 140% profit in the past month and seems poised for more appreciation.

Investor Daniel Cheung has been bullish on this network and its ecosystem and believes it will be a strong competitor for Ethereum in the coming months. Thus, Cheung expects SOL to provide one of the best risk/reward investments in the crypto space for the long term.

After its more recent rally to an ATH, Cheung published the main reasons that could make investors rethink the possibility of taking profits in the short term.

According to Cheung, Solana has the potential for another rally that could push its price 4 times up from its current value. Looking at this network at its ecosystem’s fundamentals, the investors found support for its bullish thesis.

Per SOL’s current total value locked (TVL) has followed its price action and recently reached a new all-time high at $1.93 billion. The ecosystem has benefited from several product launches in the DeFi and Non-fungible token (NFT) sector.

While TVL isn’t a perfect measurement of adoption, it is a good proxy because it does show how much value people are entrusting to smart contracts.

Solana SOL SOLUSDT
Source: Daniel Cheung via Twitter

As a consequence of Solana’s rising, other ecosystems have been on a decline after being an important hub for finance applications, such as the Binance Smart Chain.

Solana SOL SOLUSDT
Source: Daniel Cheung via Twitter

The Long Term Effect On The Altcoin Market, What Solana Could Trigger

Moreover, Cheung expects Solana’s fundamentals to continue to strengthen with the potential for its ecosystem to increase its total value locked 15 to 20 times from its current levels.

On a base case scenario where I believe TVL could get to 4bn and you apply a 15x to 20x TVL multiple, $SOL could get to a 60bn to 80bn circulating mkt cap. That would be 4x from here. Thinking big picture is how you get rich in investing.

Pseudonym trader Altcoin Sherpa shares Cheung’s bullish vision. The trader believes that Solana and Terra, another layer one projected to become a strong competitor for Ethereum, could absorb capital from other altcoins.

Thus, SOL and LUNA could benefit, while other cryptocurrencies bleed:

SOL and LUNA will be liquidity black holes for the altcoin market in the coming days/weeks. If you’re asking yourself “why isn’t my altcoin moving??”, it’s probably because all that $ is going towards the super trending shit right now. Having some exposure to these is good.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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