Solana
Solana (SOL) Ready for $200? A huge progress evaluated
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Solana made a serious breakthrough at $170 and rushed towards $180. With this price recovery, Solana could aim for a price target of $200 and achieve it in the foreseeable future. future.
The latest price movement was accompanied by a significant increase in trading volume, indicating strong buying pressure. The rise from $170 to $180 is noteworthy because it overcame a local resistance level, suggesting the bulls are taking control. This momentum could propel Solana to the much-anticipated $200 mark.
A closer look at the graph reveals that Solana has surpassed the 50 and 200 day moving averages, which are critical indicators of an uptrend. The recent breakout above these moving averages is a strong signal of an upward trajectory. Additionally, Bollinger bands are widening, indicating increased volatility and potential for further price upside.
In addition to technical indicators, on-chain data supports Solana’s bullish outlook. The number of new addresses on the Solana The network has continued to grow, reflecting increasing interest and adoption. According to Hellomoon, the number of new addresses in May 2024 is increasing, suggesting more users are joining the network.
Additionally, the weekly breakdown of transaction fees shows an increase in non-voting (priority) fees, indicating higher network usage and higher demand for processing transactions. This increase in network activity demonstrates the growing utility of the Solana blockchain.
However, while technical and on-chain metrics are encouraging, the market in general is far from euphoria, and the current state of affairs suggests that Solana and cryptocurrencies are unlikely to reach ATHs. Inflows are still far from this year’s peak, not to mention the increases in 2021 and 2017.
About the Author
Arman Shirinian
Arman Shirinyan is a trader, crypto enthusiast and SMM expert with over four years of experience.
Arman strongly believes that cryptocurrencies and blockchain will be of constant utility in the future. Currently, it focuses on news, articles with in-depth analysis of crypto projects and technical analysis of cryptocurrency trading pairs.