SOL Breaks Resistance; Analyst Predicts $250 Target


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.

Centered JavaScript

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

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.


Join Cryptos Headlines Community

Follow Cryptos Headlines on Google News


  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

Leave a Reply

Your email address will not be published. Required fields are marked *