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During the past few months' bull run, Solana (SOL) has been one of the most prominent performers in the market. It has recovered from network and scaling challenges and is still maintaining its status as a top-10 cryptocurrency.
With September approaching (the crypto moon month), Solana investors and long-term holders are tracking and analysing where the SOL price could be heading next.
Their questions are “Can Solana deliver a 2x? Or do we need to diversify into early-stage projects?”
Over the summer, Solana's price action depicted growing confidence in its ecosystem. SOL traded above the $120–$140 range, which was sponsored by increasing developer activity, the NFT market, institutional interest and DeFi expansion on the network.
According to the price chart, Solana shows strong development within a rising trend channel in the monthly timeframe. Rising trends indicate that the SOL experiences positive development and that buy interest among investors is increasing.
Solana price has given a positive signal from the inverse head-and-shoulders formation by breaking through the resistance at $156. A further rise to $224 or more is signalled. The currency trades within support at $180 and resistance at $270.
Conversely, failure to hold current support around $180 could result in a retest of the $156 zone. Additionally, regulatory uncertainty across countries could impact investor flows. Any unexpected technical setbacks would reignite concerns about network resilience, a narrative Solana has worked hard to improve.
Also, SOL always follows Bitcoin's trajectory. Solana would benefit from renewed altcoin inflows if the market continues its bullish momentum. However, the same would happen in Solana if the market reverses or pulls back.
While some investors are optimistic about Solana price movements, the savvy investors are diversifying into an emerging altcoin promising a $4,000 return.
Remittix is a PayFi project designed for everyday crypto payments. It facilitates fast transactions across 30+ countries and supports 40+ cryptocurrencies across blockchains.
Early-stage investors love the setup: small cap, with a market-fit product/utility and stacked catalysts. Remittix (RTX) is set to deliver a 4,000% gain to early investors.
Remittix highlights:
A full CertiK audit has been completed; liquidity and team tokens have been locked for three years.
An upcoming wallet launch in Q3 with real-time FX rates.
Built for borderless payments with global reach.
Designed for both crypto natives and non-crypto users, it can be used by business owners, freelancers and remitters.
Discover the future of PayFi with Remittix by checking out their project here:
Website: https://remittix.io
Socials: https://linktr.ee/remittix
$250K Giveaway: https://gleam.io/competitions/nz84L-250000-remittix-giveaway
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Disclaimer: Analytics Insight does not provide financial advice or guidance on cryptocurrencies and stocks. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. This article is provided for informational purposes and does not constitute investment advice. You are responsible for conducting your own research (DYOR) before making any investments. Read more about the financial risks involved here.
