What Happened: As other altcoins dipped lower, Solana’s (CRYPTO: SOL) native token SOL crossed the $100 mark after surging more than 20% over the past 24-hours.
The most recent rally was driven in part by Solana’s “Ignition” teaser video, which links to a landing page that reads, “The sky’s the limit. What will you launch?”
— Solana (@solana) August 27, 2021
The upcoming Ignition event will reportedly run from Aug 31 until Oct 8. Users on Twitter speculated that the event could be anything from a new liquidity mining program, a grant for program developers of decentralized applications (dApps), or even an event for nonfungible token (NFT) creators.
Why It Matters: Having rallied over 6000% year-to-date and 200% in the past month alone, traders questioned how much more positive price action lay ahead for the token.
On Friday, chief technical analyst at Token Metrics Bill Noble told CoinDesk that from a technical analysis standpoint, the path of least resistance for SOL was on the higher side.
“The next upside targets are $89 [already flipped into support] and $145,” he said.
“Aside from a crash in the market, I don’t think anything is going to stop this coin. Solana is probably going to be a big platform for both DeFi and NFTs,” he added.
What Else: A similar sentiment was shared by podcast host Peter McCormick in his latest newsletter Not Boring.
Crypto is all about momentum, and right now, Solana has momentum, he noted.
Read also: What is Solana?
“Personally, I will be adding to my Solana position and looking at startups in the Solana ecosystem. The fact that SOL is worth <10% of ETH, <5% of BTC, and, inexplicably, <30% of Cardano seems like an attractive risk/reward,” he said.
“There are only a couple weeks left in Solana Summer, but don’t worry. Solana is gonna make it.”
Price Action: At press time, SOL was trading at $114.34, up 22.48% over the past 24 hours, with a trading volume of $2.5 billion at the time of writing.
Check our interview with Solana
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