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Solana ahead of new all-time high - This price target for SOL is in its sights for early 2022



In its report “Market Recap and Outlook” from November 2021, the crypto exchange Kraken published its assessment of the development potential of Solana.


According to the report, Solana is in "an expanding ascending wedge" and appears to be "in the early stages of its fourth wave of pricing."


Kraken also writes:


"SHOULD SOLANA CONTINUE TO FOLLOW THIS PATTERN AND RE-ENTER PRICING MODE, SOLANA COULD BE EXPECTED TO MOVE IN THE DIRECTION OF RESISTANCE AROUND $ 600 BY Q1 2022."


The popular cryptocurrency exchange can therefore imagine a price increase in the first quarter of next year of up to 260%. This assessment is based on the technical analysis of the price development since 2020.


According to the cryptocurrency exchange, Solana's retreat from its all-time high in November could be seen as a bullish sign for the cryptocurrency. It could be interpreted as a sign that "a test of the resistance of the wedge could follow in the coming months."


Kraken added:


"THE LONGER IT TAKES FOR SOL TO HIT AN UPTREND WHILE MAINTAINING THE WEDGE'S UPTREND LINE AS SUPPORT, THE HIGHER SOL COULD POTENTIALLY GO BEFORE IT FINALLY COOLS DOWN AND TURNS INTO A DOWNTREND."


Also late last week, the Opera web browser revealed that its built-in wallet will add support for SOL early next year, so it could support the ecosystem even before the competing Brave browser.


In a tweet they told their followers:


“OPERA PARTNERS WITH @SOLANA 🚀 THE INTEGRATION WILL ENABLE OPERA ANDROID USERS TO ENJOY SEAMLESS ACCESS TO SOLANA DAPPS AS WELL AS LOW FEES AND FAST TRANSACTIONS WITHIN THE ECOSYSTEM. YOU WILL BE ABLE TO ACCESS IT THROUGH OPERA IN Q1 2022. ”


According to the latest asset report from CryptoCompare, decentralized financial activity on the Solana blockchain continued to grow last month, albeit at a slower pace than in October. It grew 15.8% to $ 14.4 billion in November, compared to 35% growth in October and 177% in September.


This is certainly also due to the ever-increasing Ethereum transaction fees, which once again reached a new all-time high this month. This encourages investors to switch to other blockchains with lower transaction fees, such as Solana.


The network's staking rewards have made Solana a top choice for investors looking to earn interest on their cryptos. More than 77% of Solana $ SOL tokens are used in the cryptocurrency network and bring returns to their owners, so the value used in the network exceeded $ 84 billion according to data from Staking Rewards. 

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