Solana (SOL) has surged by over 9% in the last 24 hours, outperforming other top cryptocurrencies. It has surpassed the resistance level at $184 and faces a final obstacle at $201.
Analysts predict that SOL could reach its previous all-time high of $259, signaling further gains ahead.
Analysts Bullish on Solana (SOL) Price
Positive Outlook by “Jelle”: One analyst, known as “Jelle,” points out SOL’s successful transformation of a significant resistance level into support, indicating a promising future for the token. Jelle predicts that SOL’s price could continue rising and potentially surpass $250 by the summer.
Symmetrical Triangle Pattern Analysis by “Mikybull”: Another analyst, using the pseudonym Mikybull, highlights SOL’s consolidation within a symmetrical triangle pattern on a daily timeframe. According to Mikybull, a breakout from this pattern is anticipated to trigger an “explosive” price movement, aiming to reach previous all-time highs around $255.
SOL’s price caught in a triangle pattern. Source: Mikybull on X
Increased Trading Volume Supports Bullish Momentum: CoinGecko data reveals a substantial surge in trading volume for SOL, reaching $4,514,426,127 in the last 24 hours. This marks a significant 74.20% increase compared to the previous day, indicating heightened market activity and further supporting SOL’s renewed bullish momentum.
Solana’s Key Metrics Reflect Growing Adoption
Market Capitalization Insights: According to data from Token Terminal, Solana’s blockchain demonstrates increasing adoption among investors. The fully diluted market capitalization stands at $99.32 billion, reflecting the total market value if all tokens were in circulation. Over the past 30 days, this metric has surged by 70.0%. Meanwhile, the circulating market cap, which considers only tokens currently in circulation, is valued at $77.05 billion, with a 30-day growth of 71.3%.
Solana’s market cap and fees performance in the past 30 days. Source: Token Terminal
Transaction Fees and Revenue Growth: Solana’s network usage is on the rise, as evidenced by transaction fees generated. In the last 30 days, fees reached $51.46 million, marking a significant surge of 220.7%. Annually, these fees amount to $626.15 million, showcasing increased demand and network activity. Moreover, Solana’s revenue has also experienced positive growth, with 30-day revenue reaching $25.73 million, reflecting a substantial increase of 220.7%. Annually, the revenue stands at $313.08 million, indicating sustainable income generation within the Solana network.
The 1-D chart SOL’s price trending. Source: SOLUSD on TradingView.com
Sustainability of Bullish Momentum: While Solana’s key metrics depict a thriving ecosystem, it remains uncertain whether this bullish momentum will sustain SOL’s trajectory towards its current all-time highs. Continued monitoring of these metrics will provide insights into the network’s growth and potential future performance.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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