Solana (COIN: $SOL) Surges 15% in 24 Hours to Reach New 52-Week High

Solana (COIN: $SOL) rose by 15% in the last 24 hours, reaching its new year high of $125.38 from $108.82, creating a strong bullish momentum. The recent spike is linked to a surge in the buying activity of the meme-coin called dogwifhat (WIF), built on the Solana blockchain. This meme-coin rose by 55% on Feb 27, 2024, reaching $0.88.

Solana recently collaborated with Filecoin (FIL) to revamp its decentralized storage. In December 2023, it became the fourth-largest cryptocurrency by market cap.   

Coca-Cola HBC Collaborates with Solana-Based ALL.ART

ALL.ART is a leading collective of developers in the WEB3 space, and with this partnership with Coca-Cola, they will issue verifiable digital certificates, which will exist as NFTs on Solana. 

The system will verify employee qualifications obtained via Coca-Cola’s training program. Participants can share their verified digital certificates as NFTs or on social media. 

The collaboration resulted in further upward positive pressure on the price of SOL, with analysts predicting the token was on the verge of a bull run, drawing comparisons with the price movements of Ethereum (ETH) during previous bull markets.

Solana’s Second Smartphone Gets $45 Million in Pre-Orders

On Monday, February 12, 2024, Solana announced that its second smartphone had received over 100,000 pre-orders. These smartphones had a price tag of $450, bringing $45 million to the company.

Solana’s first phone was Saga, which was developed to provide a seamless and efficient interface to users for cryptocurrency transactions and decentralized applications (DApps). Although, the consumer did criticize the company for its overwhelming price tag of $1,000.

Solana NFTs’ Volume Hits $5 Billion

Solana NFTs all-time sales volume exceeded the $5 billion mark on February 23, 2024. According to Cryptoslam, the Solana blockchain boasts 2.2 million purchasers and 1.6 million vendors of NFTs, with the overall NFT transaction count nearing 43 million.  

Token Update: $SOL

At the time of writing, $SOL is worth $129.87, with a gain of 15.80% in the past 24 hours. SOL still holds strong support at $100, breaking the resistance around $118. The high RSI suggests the market might be overheated, potentially leading to a price correction in the short term. The market cap is $56 billion, with a 24-hour trading volume of $7 billion.

Should you BUY $SOL?

Currently, $SOL is in a solid bullish position. However, a market correction could soon pull back the price. The recent collaboration with FIL and Coca-Cola HBC could support a solid upward trend for SOL in the longer term. 

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