In what was a massive surprise for many investors, Solana (SOL) is nearing the $180 mark with a 6% setting off its start of the week. Indeed, the asset is set to approach May’s final month with a notable rally. Specifically, over the last seven days, the asset has surged more than 20%, according to CoinMarketCap.
There is no hope for various traders that SOL could now be well on its way to the coveted $200 mark. Monday saw the asset increase in a myriad of facets, with its trading volume and market cap all increasing more than 43% and 6%, respectively.
Source: Bitcoin.com
Also Read: Can Solana SOL Reach $250 During It’s Next Bull Run?
Solana Skyrockets to Continue 20% Gains In the Last 7 Days
Over the last week, Solana has performed exceptionally well within the overall market. Its gains extend to the last month, with the last seven days showcasing a noticeable increase in value. However, that surge took a massive step forward to start this week.
Specifically, Solana (SOL) ascended toward the $180 mark with a 6% increase to start Monday. Now, the market is carefully awaiting indicators of where the rally could go for the digital asset. Some are beginning to reinforce the $200 target for the end of May.
SOL’s chart shows it has moved above the 50-day and 200-day moving averages. This is a critical development, as it fortifies the bullish trend for the cryptocurrency. Moreover, Bollinger Bands have been widening, which suggests that even more price increases are not out of the question.
Source: Trading View
Also Read: Solana Reclaims $160: What’s The Next Achievable Price Target for SOL?
These observational developments are only added to by the increases in addresses and network activity for Solana. Reports indicate that the new addresses this month are on the uptrend. That could only work to increase the overall price increase that Solana could experience by May’s end.
However, the asset will have to contend with the less-than-favorable status of the overall cryptocurrency market. Only time will tell if it can continue to be the outlier, but its consistent positive performances of the year have led many to align their expectations with its continued prosperity.
The Solana network has been surging amid a meme coin frenzy that took place in March. Although that has cooled off, it reminded the industry of Solana’s immense potential. Now, SOL is proving the fruit of its belief in continued gains to the end of the month.