Solana Breaks $80 Barrier, Why It Could Still Climb 4x From Here

Making its way into the crypto top 10 by market cap, Solana (SOL) has reached a new all-time high briefly hitting over $80 in the past day. At the time of writing, SOL trades at $76,38 with a 15% profit in the daily chart. Solana has remained impervious to the downside price action experienced by most cryptocurrencies in the top 10. As NewsBTC reported, SOL records over 140% profit in the past month and seems poised for more appreciation. Investor Daniel Cheung has been bullish on this network and its ecosystem and believes it will be a strong competitor for Ethereum in the coming months. Thus, Cheung expects SOL to provide one of the best risk/reward investments in the crypto space for the long term. After its more recent rally to an ATH, Cheung published the main reasons that could make investors rethink the possibility of taking profits in the short term. According to Cheung, Solana has the potential for another rally that could push its price 4 times up from its current value. Looking at this network at its ecosystem’s fundamentals, the investors found support for its bullish thesis. Per SOL’s current total value locked (TVL) has followed its price action and recently reached a new all-time high at $1.93 billion. The ecosystem has benefited from several product launches in the DeFi and Non-fungible token (NFT) sector. While TVL isn’t a perfect measurement of adoption, it is a good proxy because it does show how much value ...