Solana’s price could rise to $200 or more due to the strong activity of its network.
Solana (SOLThe price was $147.25, which is a little below the high from last week of $156, just one dollar. The stock has increased by more than 52% since its lowest level of the year.
Solana’s Network is outperforming Ethereum by a wide margin, as per third-party data. (ETH( in several key metrics.
Nansen stated that Solana had processed over 410 millions transactions during the past seven days. This represents a 10% growth from the week before. It is likely that this increase was due to a surge in the top meme coins within Solana’s ecosystem: Fartcoin (also known as Dogecoin), Bonk and Official Trump.
This spike led to an increase of 22% in the fees that were collected by network. Over $9.3 Million was generated in this period.
Ethereum processed over 8,6 million transactions, making Solana 47-times more active. It generated only $4.45 millions in fees during the same period, which is significantly lower than Solana.
Solana has processed 1,58 billion transactions in the last 30 day, compared with Ethereum’s 36 Million.
TokenTerminal’s data indicates that Solana has earned over $400,000,000 in network fees so far this calendar year. Ethereum, on the other hand, made only $241,000,000.
Solana beats Ethereum also in terms of other statistics. Its decentralized trading protocols, for instance, have handled Ethereum transactions accounted for $56 billion, while Bitcoin’s volume was $68 billion.
Solana price technical analysis
Solana reached a low of $94.87 on the daily chart earlier in this month. concerns about its meme coin ecosystem rose. The price then rose to $156.55 in the last week.
SOL is still above an important level of support at $121 – the level that was the lowest in June, July August and September last year. The 50-day Moving Average and the 25-day weighted moving average have also been moved up.
The current pattern is a bullish one, which is characterized by the formation of a high flagpole and consolidation. This is a pattern that often results in a large breakout. In this case, short-term forecasts turn bullish with an initial price target of $200.
This would mean a rise of 32% from where we are now. If the market drops below $121, the bullish view would become invalid.
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Source: crypto.news
