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Should you buy SOL as it’s on the road to recovery, and how far will it climb?

By:
on Jan 4, 2023
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  • In the last 24 hours, the trading volume of Solana (SOL) increased by 165%.
  • Its value also saw an increase of 19% in the same amount of time.
  • Solana is on a six-day winning streak at a 69% increase, and it can move higher.

Solana (SOL/USD) has outperformed a majority of cryptocurrencies throughout the week as a result of the introduction of a new meme coin called Bonk (BONK/USD).

Solana is a Layer-1 blockchain platform purpose-built to host decentralized applications (dApps) and uses the Proof-of-History (PoH) consensus mechanism to process transactions quickly. 

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New meme coin sparks interest in Solana

In the latest Solana news, its price has been skyrocketing while the rest of the market has remained quiet. 

Memecoins led the bull rally throughout 2021 and are making rounds again, with a new meme coin gaining a high level of popularity.

One of the first dog-themed meme coins built on top of Solana has sparked community interest within the ecosystem. 

Bonk is a cryptocurrency that has seen an increase in its trading volume by 332% in the last 24 hours, with an increase in value by 114%. 

Source: Official Website

The token sparked interest through a large-scale airdrop with free tokens sent to the wallets of a wide selection of Solana developers and NFT collectors. 

Should you buy Solana (SOL)?

On January 4, 2023, Solana (SOL) had a value of $13.65.

SOL/USD Chart by tradingview

The all-time high of the Solana (SOL) cryptocurrency was on November 6, 2021, at a value of $259.96.

When we go over the performance of Solana (SOL) within the last 7 days, we can see that its lowest point was at $8.30, while its highest point was at $14.07. Here we can see an increase of $5.77 or 69%.

In the last 24 hours, Solana (SOL) had its low point at $11.76, while its high point was at $14.07. Here we can see a difference of 19%, or by $2.31.

With this in mind, investors will want to buy SOL as it can climb to $17 by the end of January 2022.