$SOL Surges 12.5% To Go Above $44, Crypto Analyst Expects It To Rally to $58–$60

On Monday (June 6), the $SOL, the native token of the Solana blockchain, is trading above the $44, having surged over 12% in the past 24-hour period, and at least one crypto analyst expects it to rally “harder than people think.”

As you can see in the five-day SOL-USD price chart below, on Coinbase, $SOL was trading as low as $35.91 on June 4. Currently (as of 9:57 a.m. UT on June 6), $SOL is trading around $44.31, up 12.5% in the past 24-hour period.

Pseudonymous crypto analyst “Pentoshi” told his over 563K Twitter followers earlier today that he expects $SOL to rally harder than many people think:

This week, in Austin, Texas, Solana Foundation is hosting the five-day “Jump Hacker House” event:

Last Friday (June 3), Chainlink Price Feeds, which are “the industry standard price oracle networks for decentralized finance (DeFi) applications”, went live on the Solana Mainnet. According to Chainlink’s press release, with this native integration, d”evelopers building on Solana can now leverage seven different Chainlink Price Feeds (including BTC/USD, ETH/USD, USDC/USD and others) for highly decentralized, high-quality, and near real-time price updates, enabling them to build a new realm of hybrid smart contract applications that provide superior performance around trade execution and risk management.”


Furthermore, in coming months, “hundreds of additional Chainlink Price Feeds, as well as other Chainlink oracle services, will be made available to Solana developers during the next stages of the integration.”




Anatoly Yakovenko, co-founder of Solana, had this to say:

Chainlink’s launch on Solana will give DeFi developers access to the most widely used oracles in blockchain. Solana’s high-speed blockchain can deliver high-frequency pricing data to dapps, enabling developers to build new DeFi dapps and products.

And Sergey Nazarov, co-founder of Chainlink, added:

By providing the most reliable and highest quality data to the already lightning fast Solana blockchain, the Chainlink integration with Solana is a major leap forward for the kind of scalable, institutional-grade, DeFi applications that can be built only on Solana. Chainlink is now the most robust and comprehensive oracle network on the Solana blockchain, and we anticipate its role in the Solana ecosystem to expand as we integrate more price feeds and additional off-chain services.

Newsletter

To make sure you receive a FREE weekly newsletter that features highlights from our most popular stories, click here.

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

Image Credit

Featured Image by “Larisa-K” via Pixabay.com