Solana (SOL) is a leading Cryptocurrency that has gained popularity as a platform for decentralised finance (DeFi) and the creation of dApps due to its fast and cost-effective blockchain solution. Although Solana has been struggling in 2024, experiencing a number of price drops throughout the first eight months of the year, at the time of writing, it is experiencing a bullish trend.
This article will cover the latest news and predictions about Solana and how traders can capitalise on price movements with the tools provided by leading Crypto & CFD broker PrimeXBT.
Solana Targets $200 by End of September
2024 has been tough for Solana, with its price having declined the most among the top listed Cryptocurrencies. However, following several major announcements at the platform’s recent Breakpoint 2024 event in September, Solana has been making significant upside moves. The biggest updates for the platform revolve around growing institutional investment, with major financial companies like Franklin Templeton and Citi exploring a range of partnership opportunities on the Solana blockchain, including the launch of new money market funds. This has sent Solana’s price above $150, with analysts predicting it could reach $200 by the end of September.
Solana’s Rapidly Expanding Developer Ecosystem
In addition to the current positive buzz surrounding Solana, the Crypto is also benefitting from a rapidly expanding developer ecosystem. This includes the new FireDancer validator client update, which looks to greatly improve Solana’s throughput and speed while maintaining the low fees the blockchain is known for. The anticipated improvements in network performance and transaction speed promised by the new update are helping lift market sentiment, adding to analysts’ bullish outlook on the coin.
User Activity on the Solana Network Surges
All of the news around Solana has also seen a marked increase in activity on the blockchain network in September. The announced updates have been met positively, as users continue to support the platform for the fast and cost-effective blockchain solution it provides. Additional advancements, like the launch of the first Solana-based debit card, are also set to boost its usability and adoption. This increase in demand from the user base has helped propel Solana’s surge in price towards the $160 mark and influenced analyst predictions of reaching $200 by the end of the month.
Trading Solana with PrimeXBT
Whether Solana succeeds in reaching analysts’ targets or happens to fall again, traders can capitalise on its market movements with PrimeXBT. With the broker, clients can trade derivatives like Contracts for Difference (CFDs) or Futures on Solana by depositing Crypto or using fiat currency. With leverage of up to 200x, traders can open larger trades with a smaller initial investment, lowering barriers to entry. It also offers fees as low as 0.05% on Crypto CFDs and 0.01% on Crypto Futures, meaning that clients can get more for their money. PrimeXBT’s platform also provides traders with all the professional tools they need to successfully navigate the markets. These include TradingView charts, a wide range of popular technical indicators, and important risk management tools like stop loss and take profit.
Conclusion: Solana’s Promising Future
Although not as well-known as giants like Bitcoin and Ethereum, Solana has quickly gained popularity among those involved in the blockchain community. With important major updates fueling its recent price surges, and users continuing to benefit from fast transactions with low fees, the future looks promising for the coin. By trading with a broker like PrimeXBT, traders can ensure they are in the best position to capitalise on Solana, regardless of the direction in which the market is trending.
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Disclaimer: The content provided here is for informational purposes only and is not intended as personal investment advice. Past performance is not a reliable indicator of future results. The financial products offered by the Company are complex and come with a high risk of losing money rapidly due to leverage. Virtual assets are inherently volatile and subject to significant value fluctuations, which could result in substantial gains or losses. These products may not be suitable for all investors. Before engaging, you should consider whether you understand how these leveraged products work and whether you can afford the high risk of losing your money. PrimeXBT does not accept clients from Restricted Jurisdictions as indicated in its website.
