The Solana (SOL) price has surged to a 14-month high as investors regain confidence in the blockchain.

The rally has defied expectations that Solana would continue trading sideways for the rest of 2023, with SOL now trading above the crucial $40 level. 

While SOL continues its uptrend, investors are still looking for the next under-the-radar coin that could explode in November – with Bitcoin Minetrix (BTCMTX) emerging as a top contender.

Solana Price Surges Above $42 as Bullish Momentum Builds

At the time of writing, SOL is trading for $42.77, its highest value since Aug. 17, 2022.

The token has posted four bullish daily closes in a row, moving above crucial resistance zones and Exponential Moving Averages (EMAs) in the process.

According to CoinMarketCap, SOL trading volume spiked by 155% Wednesday, reaching $3.8 billion.

This makes SOL the fifth most-traded cryptocurrency globally, surpassing established tokens like XRP (XRP) and Chainlink (LINK).

Solana’s rise can be attributed to several positive catalysts, including the $24 million net inflows into SOL-focused funds last week.

Investors are broadening their horizons and seeking new crypto-assets to diversify their portfolios, with Solana emerging as a favored token.

Solana has also recently forged some key partnerships, such as with the Dubai Multi Commodities

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Author: BeInCrypto Team

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