Solana
On-Chain Solana Indicators Suggest a Return of Bullish Sentiment, Is It Time to Buy SOL?
Certain on-chain indicators paint an optimistic picture of Solana (SOL), which suggests that this could be a great time to buy the crypto token. This matches Solana’s price action on the chart, with technical analysts predicting that an upward trend could be on the horizon.
Solana benefits from greater adoption
The data of market intelligence platform IntoTheBlock shows that the number of daily addresses on the Solana network has been growing at an impressive rate. On June 11, more than a million new addresses were processed on the Solana Network. This development is important as SOL could benefit from future price increases as more new users continue to trade on the network.
The massive growth enjoyed by Solana Network This has also resulted in higher trading volume on the network, which is also bullish for the crypto token. Data from DappRadar shows that there has been a 62% increase in transaction volume on the Solana chain in the last 24 hours, with over 8.83 million transactions processed during this period.
Interesting fact, Solana stands in this metric, as no other chain processed this many transactions during this period. Solana also processed more transactions than all other chains over the past seven days, with over 59.55 million transactions processed during this period.
The growing interest in SOL is partly due to the meme coin ecosystem on the network. Solana has become the go-to platform for traders looking to make huge profits from meme coins, which have been the best performing crypto assets in this bull run so far.
Solana’s reputation as the home of coins has even attracted celebrities like Australian rapper Iggy Azalea, Caitlyn Jenner and Andrew Tate at the network. Given this, it seems like it’s only a matter of time before Solana’s price responds positively to its growing network and ever-increasing business.
Is it time to buy SOL?
Crypto Analyst Altcoin Sherpa suggested that now might be a good time to buy Solana ahead of the meteoric price rise, which it could take advantage of soon enough. The analyst said he expects “bigger things” for SOL later this year. For now, he expects Solana to continue cutting between $185 and $120 and simply continue to witness an “extended period.” consolidation period.”
This consolidation period is usually a good time for investors to accumulate the crypto token, given that the coins generally enjoy a parabolic uptrend after consolidating for a while. Meanwhile, Altcoin Sherpa claimed that this period of consolidation was healthy for Solana, given the huge run it has already seen, hitting a yearly high of $209 on March 18. As for how Solana can rise, Altcoin Sherpa previously predicted that the crypto token will surpass $500 this year.
