Solana’s price continued to struggle in today’s trading session. This is despite gaining over 2.5percent in the market. In the last four consecutive sessions, Solana prices have also traded sideways, and there is a high likelihood that today’s bullish gains will likely be wiped in tomorrow’s trading session.
Despite the prices being stagnant for the past few days, Solana’s expanding NFT ecosystem seems to be gaining traction from investors. On Friday, Fractal, a crypto gaming marketplace that hosts Solana-based NFTs, raised $35 million. The funding of the Solana-based NFT came in just two weeks after another Solana backed NFT storefront, Magic Eden, raised a $27 million round led by Paradigm.
One of the driving forces investors are flocking to Solana-based NFT marketplaces is its low cost. During operation, Solana has very low-cost transaction fees. It is also very fast in transaction processing. The recent investment may also be due to long-term observation of the platform, where it has been among the best performing in the industry.
In the last few days, Solana has struggled and has traded in a sideways market. In today’s trading session, the prices have risen by almost two per cent. However, based on the previous price action of the cryptocurrency, there is a high likelihood that the gain will be reversed in tomorrow’s trading session. There is also a high likelihood that the current sideway market will continue for the next few days.
Therefore, my Solana price prediction is that the prices will continue sideways in the coming days. However, the prices are likely to resume their bullish move. This will likely set the price on a long-term upward move to see the prices reach the $150 psychological level. There is also a high likelihood that once the $150 psychological level is achieved, prices will likely break the level. Again, this will set the prices for a long-term bullish move.
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