Solana (SOL) is surging again with its price climbing approximately 8.9% over the past week.

This momentum is largely attributed to the platform’s expanding ecosystem, including the integration of Ethereum’s Solidity developers through Hyperledger Solang. Additionally, the recent addition of Solana to Robinhood’s cryptocurrency offerings has increased accessibility for U.S. traders, which brings the question of whether Solana could reach $700 at some point.

Meanwhile, projects like PlutoChain ($PLUTO) could also attract attention in the coming weeks. This Layer-2 solution has the potential to enhance Bitcoin’s blockchain by enabling smart contracts and decentralized applications, potentially paving the way for exciting new opportunities.

Let’s check out the deets.

Technical Charts Hold Insights. Will Network Growth Drive SOL to $700?

As of January 5, 2025, Solana (SOL) is trading at approximately $213.29, with a slight decrease of about 1.13% over the past 24 hours.

Technical analysis indicates that SOL is trading within a local channel, facing resistance at approximately $222.15. A successful breach of this resistance could drive the price toward the $230–$240 range in the near term. Support levels are at $207.85, $199.51, and $193.55, which may serve as potential rebound points in the event of a price decline. The 50-day moving average (MA) is currently at $220.70, while the 200-day MA stands at $170.10, indicating a bullish trend.

This ‘golden cross’ suggests that SOL has been gaining momentum over the short term compared to its longer-term trend, which is typically a positive sign for investors. Analysts have weighed in with optimistic projections for Solana’s future. Lark Davis, a well-known cryptocurrency influencer, suggests that Solana could reach prices between $300 and $600 by 2025, citing its strong fundamentals and ecosystem growth.

Kelvin (@KEmmra) predicts that Solana ($SOL) could reach the $600 range, with the Stochastic RSI being a key indicator, similar to the previous prediction for Bitcoin hitting $58k, as shown in the charts.

Could PlutoChain Be the Key to Smart Contracts and Bringing New Upgrades on Bitcoin?

PlutoChain ($PLUTO) is introducing a new Layer-2 solution that could significantly enhance Bitcoin’s blockchain by enabling compatibility with smart contracts and decentralized applications (dApps).

Historically, Bitcoin’s 10-minute block time has limited its ability to support these advanced features, which is why faster alternatives like Ethereum and Solana have gained favor. However, PlutoChain might just change this by offering transaction speeds as fast as two seconds on its own proprietary chain.

This could allow developers to leverage Bitcoin’s strong, decentralized network to create new applications, potentially expanding Bitcoin’s use cases. One of the key indicators of its potential is the platform’s testnet, which is already processing over 43,200 transactions per day.

This impressive throughput demonstrates PlutoChain’s scalability and readiness for deployment in real-world applications. A particularly compelling feature of PlutoChain is its community governance model. By allowing users to vote on protocol updates, PlutoChain ensures that the network remains decentralized, giving the community direct control over decisions.

In addition to its governance model, PlutoChain has gained credibility by passing rigorous audits from reputable firms such as SolidProof, QuillAudits, and Assure DeFi. These audits provide assurance to users and developers that PlutoChain meets the highest security standards, further boosting its legitimacy and trustworthiness within the blockchain ecosystem.

The platform also benefits from its compatibility with the Ethereum Virtual Machine (EVM), which could combine Bitcoin’s security with the flexibility and adaptability of Ethereum. This may open up exciting opportunities for new projects in decentralized finance (DeFi), NFTs, and AI, further enhancing PlutoChain’s potential to revolutionize the blockchain space.

Final Thoughts

While Solana’s recent growth has captured attention, $700 might not come as soon as some market analysts believe.

But, PlutoChain ($PLUTO) could generate substantial buzz in the next few weeks upon its potential mainnet launch. Its Layer-2 solution could revolutionize Bitcoin by enabling smart contracts and decentralized applications, potentially bringing a host of new possibilities.

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