Solana has witnessed significant price growth in recent months, and is becoming increasingly popular among investors and traders. The ecosystem of Solana, also known as the “Ethereum killer” as it’s designed to execute smart contracts in competition with Ethereum, is becoming one of the world’s most influential and rapidly-growing blockchains.

The Solana token (SOL) is trading near historical lows, currently priced at $20.6, which represents a 97% plummet since the all-time high achieved towards the final months of 2021. The next target for SOL would be around the $35 mark. If the price successfully breaches this level and subsequently remains above it for a prolonged period, the market sentiment is expected to switch from bearish to bullish.

As seen in the chart above which adopts a 1-day timeframe, the trading volume is at very high levels which may indicate that strong hands are buying and going long on SOL. Given the rise in cryptocurrencies in 2023 amid global banking conundrums and easing inflationary pressures, it can be expected that Solana may jump in value throughout the coming months.