Crypto Capital Venture founder Dan Gambardello has taken to social media platform X/Twitter to discuss the current Solana price surge and the bull market in general.
Crypto Capital Venture founder Dan Gambardello has taken to social media platform X/Twitter to discuss the current Solana price surge and the bull market in general.
He also warned Solana investors to be careful. Gambardello is a strong supporter of Cardano (ADA), but he not only focuses on that coin, but also favors Bitcoin and many of the major altcoins.
SOL shoots up 25% over the weekend
The recent surge in activity on the Solana blockchain has pushed the amount of daily fees on the network to close to $4 million, showing a cumulative increase of 754% per month. As a result, SOL price has skyrocketed by almost a staggering 25% since Friday. By now, SOL has reached the $207 level. Since Monday, March 11, the increase has constituted a whopping 50%.
Solana’s trading volumes on decentralized exchanges have also shown impressive increases, reaching new highs: over $3.8 million, up 430% from February.
Another achievement demonstrated by the Solana network is the drastic increase in daily active wallet addresses; the rise has taken it above the 1.8 million level, which was last seen in September 2021. Like Ethereum, Solana has attracted multiple cryptocurrency meme creators. Among these cryptocurrencies is BONK, which has been rising recently.
Cryptocurrency trader and analyst Ali Martinez, popular on Crypto Twitter, noticed that the TD sell signal on a SOL daily chart failed to develop and was invalidated. He stated that this is a clear indication of a bullish outlook for SOL. Currently, Ali continues, SOL has surpassed $198, setting the stage for a possible new sell signal in the future.
The analyst reminded his followers that a similar scenario played out in December, when SOL invalidated a TD sell signal and demonstrated a 70% rise before seeing a sell signal later on.
Gambardello’s warning to SOL investors
Dan Gambardello also believes that a Solana rally is currently underway. “It sure is Solana’s season,” he tweeted.
He encouraged those who didn’t jump on the SOL train, saying that at some point the Solana season will end and then the seasons of other cryptocurrencies will arrive for investors to take advantage of.
