Solana drags the crypto market, the alt rally is not over

SOL numbers and the crypto market

Saltworksfor several weeks now, it has has taken center stage in the altcoin marketleading the trend of a sector that remains fluctuating and dependent on the mood of the queens Bitcoin and Ethereum.

Considering SALThowever, that correlation does not seem to be emerging and there is indeed a bullish trend almost continuously almost two months.

Only in the last 24 hours, by the way, is the token increasedaccording to data recorded by Coinmarketcap, its market capitalization of even 4 billion dollars, approximately from 22 to 26.5. The price, similarly, recorded +20% compared to the lowest level of the previous day, reaching $63.

But the performance gains an even greater dimension if a wider perspective is accepted, s +190% recorded since mid-October. And all this, mind you, while also facing strong downward pressure resulting from token liquidation by FTX and short investors.

At this point, $70 would seem a likely target for many analysts and would take the asset to levels never seen since last 2022.

New incentives for altcoins

Furthermore, various news items make this scenario even more likely, such asCoinbase announcement trading openings perpetual futures on SOLthrough the Coinbase International platform.

From a graphical point of view, however, the optimism comes from observing a trend that is completely different from that of April and May 2021, with a test of $50 and $60 that did not return below 24. On the contrary, the token seems to continue challenge all indicators common areas of technical analysis, which they have been proposing a price correction for weeks.

Furthermore, the new ATH for Solana could represent a fundamental boost for the entire altcoin market, with some tokens already on track to follow SOL’s example, such as Celestia (TIA) and Cronos (Croatian) among all.

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