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Solana Surges 10%: Hopeful Trend or a Short-lived Rally?

Solana Surges 10%: Hopeful Trend or a Short-lived Rally?

  • Solana’s SOL surges 10% amid the market downturn.
  • Zeus Network’s ZPL announcement boosts bullish sentiment for the Solana ecosystem.

The cryptocurrency sector finds a glimmer of optimism as Solana’s native token, SOL, shines with a 10% surge over the past 24 hours. Amid Bitcoin‘s slump to a two-month low of $56,592, Solana’s remarkable resilience stands out, showcasing a recovery from $121.50 to $135.11.

Despite facing a challenging month with a 27% downturn, SOL’s daily Relative Strength Index (RSI) currently sits at a promising 54, indicating favorable momentum. The surge in trading volume by 2% underscores investor interest.

SOL Price Chart, Source: TradingView

Fueling the bullish sentiment is the recent announcement by the Zeus Network unveiling plans to introduce the Zeus Program Library (ZPL) in the third quarter of 2024. This innovative solution bridges the Solana and Bitcoin ecosystems, facilitating seamless integration for developers to incorporate Solana support into decentralized applications (dApps). The introduction of ZPL-Assets, whether fungible or non-fungible, paves the way for diverse digital interactions across decentralized finance (DeFi), gaming finance (GameFi), and social finance realms.

Meanwhile, analysts suggest that, if the bull rally continues, it might reach $159 with next target line as $199.22. Or the bears might take it to $126.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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