Solana maintains its impressive price surge, surging another 15% and surpassing $65 on Wednesday, November 15. This extends Solana’s monthly gains to almost 200%, setting sights on a significant milestone of $100. Following these recent gains, Solana has claimed the position of the sixth-largest cryptocurrency by market cap, displacing Circle’s USDC stablecoin.
The Ethereum competitor Solana has received strong institutional backing which is also one of the reasons behind this mammoth SOL price rally. The Grayscale Solana Trust witnessed a massive influx of institutional money with the GSOL share price shooting past $200 last week.
At one point, the GSOL share was trading at a staggering 300% premium to the spot Solana price. However, the discount has now been reduced to 100% premium, this week.
Wood expressed her positive sentiment toward Solana, highlighting her affinity for the altcoin. She acknowledged that Solana’s downtime, referring to periods of network maintenance or outages, is noticeably higher compared to Ethereum.
The massive SOL price rally also comes as the Solana blockchain has been showing strong DeFi activity. Since the start of October, the total value locked (TVL) in the protocol has surged by an impressive $233 million, reaching $557 million. Additionally, active addresses in the Solana DeFi sector have seen a rise, recording 130,554 in the last 24 hours.
As Solana shows strength on the technical charts, the next immediate SOL price target stands at $70 and later at $100. This optimistic perspective would be supported by the occurrence of two golden crosses, signifying instances when the 50-day Exponential Moving Average (EMA) (red) crosses above both the 100-day EMA (blue) and the 200-day EMA (purple).
However, the bullish sentiment would no longer prevail if the Solana price tanks under its crucial support at $60.