As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous bull and bear cycles. The recent surge in Solana (SOL) to over $180 is reminiscent of the exuberance we saw in the dot-com bubble of the late 90s. However, unlike that speculative frenzy, Solana seems to be backed by real-world use cases and a robust community.
Today, Solana (SOL) reached over $180, hinting at a possible strong price increase. This movement matches recent growth in other big cryptocurrencies like Bitcoin and Ethereum.
Based on insights from analyst Rekt Capital, Solana’s price has surpassed several significant barriers of resistance. If it maintains its position above these levels, there’s a possibility that the price could further increase.
According to Rekt Capital’s analysis, the price movement of Solana had consistently touched a trendline established between March and August 2024, which served as a resistance, preventing price increases. However, recently, Solana managed to surpass this resistance line, suggesting potential growth in its price.
Moreover, Solana’s weekly close was above $175, suggesting potential for further growth if it maintains its current position.
As a researcher, I’ve noticed that the increase in Solana’s price is not only self-propelled but also boosted by an uptick in active addresses. This suggests more individuals are engaging with the network. Interestingly, according to Defilama, Solana has outpaced Ethereum when it comes to daily transaction fees, raking in over $2.95 million, primarily due to the bustling trading activities on Raydium.
Based on information from The Block, Solana’s monthly active user accounts reached an impressive 107 million in October. Notably, on October 22, the number of active users spiked to a high of 8.8 million, possibly as a result of increased popularity in meme coins and trading activities on decentralized exchanges.
Moving ahead, Solana may have the capacity to attain its predicted peak of $210.18 from March 2024. Yet, there’s a likely obstacle in the $192-$193 region that could impede its progress.
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2024-10-29 18:28