Solana Surpasses ATH, Records 172M Weekly Transactions

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As a seasoned researcher who has navigated through the tumultuous seas of the crypto market for years now, I must admit that the recent surge of Solana (SOL) has left me rather impressed and intrigued. The way this blockchain network has been scaling, breaking its previous all-time highs with such ease, is nothing short of astonishing.

Today, Solana (SOL) has surpassed its prior record high, setting a new all-time peak at $264, representing an 8.87% increase over the past 24 hours. This rally comes on the heels of a spell of rapid expansion, as Solana was trading between $150 and $160 only a week ago, before soaring by over 35%, breaking through the $200 threshold.

This morning, Solana (SOL) is trading at approximately $262, indicating robust growth. Its market capitalization is currently estimated at around $124.58 billion, while the 24-hour trading volume has skyrocketed to about $11.05 billion, marking a significant increase of 60%.

Lately, the surge we’re witnessing is mainly driven by high-volume on-chain actions. During the US election week, Solana saw an astonishing 172 million transactions, indicating a substantial increase in network usage. The project has been consistently moving upwards and now aims at reaching $300.

Regardless of any profit-taking opportunities presented by increasing prices, Solana’s future remains optimistic according to analysts. They believe that surpassing the resistance at $245 could lead Solana (SOL) to challenge its 2021 all-time high of $259.52 and potentially reach as high as $300 in the upcoming weeks.

With the ongoing advancements in the cryptocurrency sector, Solana’s increasing popularity underscores the growing demand for swift and high-capacity blockchain networks. Should its current trajectory persist, Solana’s native token (SOL) could potentially be poised for an even more significant surge.

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2024-11-22 10:29