September 13 was a good day for Solana (SOL), as its price was moving higher on the particular trading day. It reportedly mirrored the same uptrend that was felt all over the cryptocurrency industry.
The main leaders of the uptrend on September 13 were Bitcoin (BTC) and Ether (ETH). Despite recording severe plunges a few days back, BTC and ETH were the worst performers in day-to-day trading sessions.
Solana’s Price Movement
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The value of Solana experienced a significant push as it rose by 4% in a 24-hour window. The significant surge helped push Solana’s price to a high of $39 per SOL, hitting the best level in the past three weeks.
The surge recorded by Solana was an extension of the high trend Solana has been experiencing for the past couple of weeks. In terms of stats, the 2-week trading sessions for Solana have recorded a 30% gain in value.
Compared to SOL, even BTC and ETH have secured low rallies and price gains that are 16% and 22% respectively.
While the investors cherish the uptrend witnessed by Solana, the analysts and experts are looking at the background story behind Solana’s uptrend.
Both the technical and the fundamental factors are in play that has pushed the digital asset’s price higher. Let us take a look at the reasons that have helped push SOL’s price significantly.
Helium Merge with Solana
It was on August 30 when officials at the Helium Network announced they are planning to merge with the Solana blockchain. Helium Network offers users the ability to become hotspots using a decentralized wireless 5G network.
Helium announced they are eager to increase their operational scalability and efficiency and Solana blockchain is the best choice for that.
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NFT Boom
As the non-fungible token sector is blossoming, it has helped Solana become one of the most liked and preferred cryptocurrencies in the NFT marketplaces.
Multiple NFT marketplaces such as Magic Eden, Metaplex, and OpenSea accept Solana on their platform for NFT transactions. In the past week alone, $42.8 million worth of Solana (1.2 million SOL) was transacted through these NFT marketplaces.
Although all major NFT marketplaces have witnessed huge dips, the Solana-based NFTs have witnessed a significant rise in their sales.
Technical Bounce Recorded for Solana
A few days back, SOL’s trading price had fallen to a significant support level. However, Solana then bounced and its value surged with a 30% rally.
For now, Solana’s trend is moving in the positive direction and if it continues pushing higher, then a 58%-60% rally would be in order for SOL. This would help push Solana’s price up to a high of $47.50.
