WILL SOLANA HIT $30 BY THE END OF THIS WEEKEND ?

Recently (SOL) has seen a remarkable recovery following the past week, Solana has increased by 10% and has hit $22.3, a new high after the year 2022. The recent upward motion has lifted its value beyond the $20 mark, which indicates some promising signs of an extended bullish rally.

The most probable factor is the increase in the decentralized exchange trading volume recorded this week. Blockchain analysis platform DefiLlama revealed in a report earlier in the week that Solana had experienced a spike in DEX volume. This development is likely to have boosted its price action in the past week.

A push above the $22.50 resistance level will help to boost its price to reclaim the $25 resistance support level. If this happens, SOL will likely rally to the $23.00 resistance level after breaking above $22. However, a price decline below $20 in the short term remains possible due to external market conditions that may be bearish such as the release of June CPI data from the US Bureau of Labour Statistics which will decide the next steps to be taken by the US Federal reserve in their FOMC Meeting.

As of now, at the time of writing this article, Solana is ranked #9 on CMC with a market capitalization of $8.5 Billion.

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