At $170, Solana made a significant breakthrough and shot for $180. Solana may set a $200 price objective and hit it in the near future with this price rebound.
Strong purchasing pressure is evident from the recent price movement and the notable rise in trading volume. Notable was the rise from $170 to $180, which broke over a local resistance level, indicating that bulls are taking the initiative. With this trend, Solana may reach the highly anticipated $200 milestone.
Upon deeper inspection, the chart shows that Solana has crossed above both the 200-day and 50-day moving averages, two important markers of a bullish trend. There is a clear indication of an upward trend with the most recent break above these moving averages. Bollinger Bands are also getting wider, which suggests higher volatility and probable price increases.
Technical indicators are not the only evidence that the positive prognosis for Solana is supported by on-chain data. Growing interest and acceptance are shown in the steady increase in new addresses on the Solana network. The number of new addresses in May 2024 is increasing, according to Hellomoon, indicating that more people are signing up for the network.
In addition, the breakdown of weekly transaction fees reveals an increase in non-vote (priority) costs, which suggests increased network traffic and transaction processing demand. The expanding usefulness of Solana’s blockchain is demonstrated by this increase in network activity.
Though the on-chain and technical measures are positive, the market is far from euphoric, and the current situation indicates that neither Solana nor cryptocurrencies are likely to achieve all-time highs. Despite the fact that inflows are still well below the peak of this year, much alone the bull runs of 2021 and 2017.
