The Solana network is experiencing a surge in activity that has led to record-breaking statistics, which could set the stage for a substantial price increase. Daily network rates have skyrocketed to $3.8 million, ensuring a staggering 754% increase in one month. DEX trading volumes within the network have also reached new highs, reaching over $3.8 billion, up 430% from the previous month.
The Solana network is experiencing a surge in activity that has led to record-breaking statistics, which could set the stage for a substantial price increase. Daily network rates have skyrocketed to $3.8 million, ensuring a staggering 754% increase in one month. DEX trading volumes within the network have also reached new highs, reaching over $3.8 billion, up 430% from the previous month.
Solana also surpassed 1.8 million daily active addresses, a level not seen since September 2021. Surprisingly, 870,000 new daily active addresses were generated in a single day, breaking previous records and demonstrating 110% month-on-month growth.
An analysis of the Solana chart reveals an uptrend. The price has recently moved above the $200 threshold, with an increase in trading volume supporting the uptrend. Key price levels to watch include the recent resistance-turned-support at $149, where the 50-day moving average lies.
This moving average has served as a dynamic support level, below which the 100-day and 200-day moving averages sit at approximately $123 and $85, respectively, providing additional layers of potential support.
The RSI, although pulling back slightly from overbought territory, indicates that the price could consolidate before attempting another push higher. If Solana maintains its current trajectory and stays above the critical support level of $149, the token may test the previous resistance levels. A sustained increase in network fees and user activity can often precede and support a continued increase in token value, which could propel Solana towards a new all-time high.
As the Solana ecosystem gains more traction amid the meme coin craze, the value of its token may strengthen, which could attract more investors and lead to a self-reinforcing cycle of appreciation.
If Solana secures current activity levels and avoids technical setbacks, the token will be in an exceptional position and will recover the values we saw in 2021.
