Solana’s SOL token is riding a wave of bullish sentiment, recently reclaiming the $160 value mark and trading around $166 at press time. The asset has surged over 6% today and nearly 16% in the past week.
Solana is back in the spotlight with its trending price momentum, aiming to breach new price highs. The recent developments surrounding SOL have significantly contributed to its price inflation.
The last month has been particularly favorable for Solana, with its value increasing by more than 21%, according to CoinMarketCap. Optimism around Solana has been high entering the year, with the network demonstrating its potential to compete with Ethereum as a leading decentralized network. Just four months in, this potential is materializing.
The rise of meme-coins on the network has further benefitted Solana, including its native SOL token. A recent trend analysis indicates that SOL is currently “compressing” within a triangular formation, suggesting an imminent price surge. If this bullish trend continues, SOL could potentially hit the $200 mark again and possibly go higher.
With this bullish momentum, SOL is positioned to reach new all-time highs in the next bull run. A $250 target is not out of reach, given the prevailing positive sentiment around the asset and its native network.
