Solana has made a breakthrough at $170 and launched towards $180. With this price recovery, Solana could aim for a price target of $200 and achieve it in the foreseeable future. future.
Solana has made a breakthrough at $170 and launched 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 has been accompanied by a significant increase in trading volume, indicating strong buying pressure. The rise from $170 to $180 is notable because it cleared a local resistance level, suggesting that the bulls are gaining control. This momentum could propel Solana to the long-awaited $200 mark.
A closer look at the chart reveals that Solana has moved above the 50-day and 200-day moving averages, which are critical indicators of an uptrend. The recent break above these moving averages is a strong sign of an upward trajectory. Additionally, the Bollinger Bands are widening, indicating increased volatility and the possibility of further price gains.
In addition to technical indicators, on-chain data supports Solana’s bullish outlook. The number of new addresses on the Solana network has been steadily increasing, reflecting growing interest and adoption. According to Hellomoon, the number of new addresses in May 2024 is increasing, suggesting that more users are joining the network.
Arman ShirinyanAdditionally, the breakdown of weekly transaction fees shows an increase in non-voting (priority) fees, indicating increased network usage and increased demand for transaction processing. This increase in network activity demonstrates the growing utility of the Solana blockchain.
However, while the technical and on-chain metrics are encouraging, the overall market is far from euphoric and the current state of affairs suggests that both Solana and the cryptocurrencies are unlikely to reach ATHs. Capital inflows are still far from reaching this year’s high, not to mention the 2021 and 2017 bull runs.
