Solana (SOL) is currently leading the crypto market by projecting a meteoric price rise. The crypto is up 60% over the past month. With such a significant price rise, traders have now flocked to Solana to double their returns and rewards.
According to crypto analytics platform Lookonchain, one such trader transformed his fortune by investing a modest 50 SOL to obtain a staggering $531,000 in 48 hours.
At press time, SOL is trading at $188, up 2.45% in the last 24 hours. The token is expected to surpass critical price thresholds as investor sentiment continues to drive the token forward.
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Rags to Riches: Trader Earns $531,000 Trading 50 SOL
In another notable development, leading crypto analytics platform Lookonchain reported a striking trader story. The platform spoke to X to explain how a trader made millions by investing 50 SOL in the market.
Notably, the trader appears to have developed a strategic plan before introducing his money into the market. According to Lookonchain, the trader first explored the $MEW token 20 minutes after trading opened and withdrew 50 SOL from the MEXC exchange to purchase it.
Keeping the strategy element in check, the trader then spent 30 SOL to purchase 368.3 million MEW tokens. He sold almost 200.2 million $MEW tokens in exchange for 2,828 SOL, an amount of approximately $530,000. According to the platform, the trader still has 168.02 million $MEW tokens in his possession. Keeping the calculations raw, the trader must have made a profit of almost $877,000, the platform reiterated.
Solana Surge: Key Price Breakout Looming in April?
The current bull market phase favors Solana as the token continues to hit new price milestones. The network is currently in the grip of the growing coin frenzy, which is significantly boosting its price momentum. The token briefly touched the $200 mark in March, elevating investor sentiment, before suffering a slight price correction.
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However, considering the upward price trend, the token is expected to fully recover by April 2024.
According to CoinCodex, if Solana continues to take advantage of the current market wave and momentum, it could rise by 220% next month.
“According to our current Solana price prediction, Solana price is expected to rise by 228.60% and reach $618.25 by April 27, 2024. According to our technical indicators, the current sentiment is bullish, while the Fear and Greed Index displays 80 (extreme greed). Solana recorded 19/30 (63%) green days with price volatility of 16.75% over the last 30 days.
The platform further shared an immediate analysis, adding that SOL has the potential to rise by 12% in the coming week.
“Solana could trade in a price range of $188.15 and $211.36 this week. Solana will rise by 12.34% and reach $211.36 by March 31, 2024, if it hits the high value target.
reference: watcher.guru