Solana Price Prediction – SOL breaks 1-month high and is poised to continue bullish growth

With Bitcoin and Ethereum breaking their one-month highs of $22,000 and $1.4,000, Solana is also doing quite well, briefly rallying above $42. Although Solana didn’t show as much upside as Ethereum, Solana’s price action still outperformed Bitcoin, BNB, XRP, and Cardano over the past seven days. With a current market cap of $14.4 billion, if SOL continues its rally, it could surpass Cardano’s market cap of $16.4 billion and overtake it as the 8th largest digital asset by market cap.

Solana News

In terms of relevant Solana news affecting the market, the announcement of STEPN, a premium Solana-based move-to-earn project, last week revealed that the company generated over Grossed $122.5 million.

Additionally, STEPN announced that the company will take 5% of the profits generated and will initiate a buyback and burn program for its native GMT token.

Token burning is a popular method for crypto projects to show their investors their long-term commitment by sending a set amount of digital assets to a “burning” address and sharing the transaction ID. The burn address is a specific address that no user can access and the tokens end up in this wallet indefinitely. Buybacks remove tokens from circulation, contributing to a deflationary supply that pushes up the price of each token.

STEPN ($GMT) price had seen a significant uptrend in the last 24 hours, surging over 17% from a low of $0.89 to a high of $1.11.

In other news, Katana, the leading yield generation protocol for Solana, announced that the platform has received over $600 million in options volume traded through the platform, reflecting the huge demand for yield farming services signaled on Solana.

💸 We are pleased to announce that we have traded over $600 million in options volume on the Katana platform

Check out what all the hype is about at https://t.co/sxp6q2O1Gn or ignore it at your own risk 🥷 pic.twitter.com/0BTmCWsjIC

— Katana 🥷🏽 (@Katana_HQ) July 18, 2022

For those interested in capitalizing on their existing holdings, Katana offers lucrative APYs of up to 33.81% on SOL, 22% on ETH, and 24% on BTC.

Solana Price Prediction

With SOL trading at $41.86, the market is attempting to break its previous monthly high of $42. Given the current bullish momentum surrounding BTC and ETH prices, chances are good that SOL will continue its rally past $42; The question is, where will it meet its significant resistance?

1M SOLUSD // Source: CoinMarketCap

SOL is likely to try to establish support at $45 in the next few days before attempting a break of $50. That assumes the crypto markets will continue to pump this week. With most altcoins like Solana and Ethereum amplifying Bitcoin’s price action and BTC following the global markets, as long as stocks continue their positive run this week, we can expect a cascading effect for most digital assets to continue their bullish momentum.

Earnings season is here and investors will receive their dividend payments over the next few weeks, which should provide additional capital to recycle into the stock market. However, there is a lot of uncertainty in the markets, with rumors that the Fed is planning to hike interest rates by a whopping 100 basis points, which will no doubt lead to a sell-off in the market and cause a correction for Bitcoin and most other digital assets.

While it is refreshing to see bullish momentum for several days in a row, this week will be crucial in setting the tone for this quarter in crypto and global markets.

Disclosure: This is not trading or investment advice. Always do your research before buying cryptocurrencies or investing in projects.

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