- Solana hits a three-month high and outperforms Binance Coin.
- Strong on-chain metrics and growing active addresses signal robust network health.
Solana (SOL) has drawn significant attention from traders amid the current market upheaval, buoyed by institutional support and a pro-crypto stance among politicians. These developments have bolstered confidence in the near future, with Bitcoin recently surging past $69,000. Notably, Solana has demonstrated consistent performance, outperforming Binance Coin (BNB) in market cap last weekend to secure the fourth position.
Today, Solana hit a three-month high of $193, breaking the resistance at $185. It is currently trading at $193.10, a 6% increase. However, its trading volume has decreased by 28%, currently standing at $89 million. Analysts remain bullish on Bitcoin, predicting it could surpass $240 by August. Additionally, Solana’s Total Value Locked (TVL) has been on the rise since early 2024.
Meanwhile, Solana’s on-chain metrics also show an upward trajectory, with active addresses reaching 2 million by mid-week. Analysts believe this growth indicates a robust and expanding user base, suggesting strong network health and the potential to attract further investment. These predictions instilled hope in the community of SOL surging past $1000 at the year’s end.
Solana Bulls For The Win?
Solana’s recent price action reflects a bullish trend, with the potential to breach the $211 resistance level and possibly test $240 soon. However, the daily Relative Strength Index (RSI) at 63 indicates potential overbought pressure, which may lead to a correction.
Conversely, should bears regain control, Bitcoin could retrace to $115 initially, potentially falling further to $104 in a more pronounced decline.
In summary, Solana’s performance amid market chaos highlights its resilience and potential for further growth. With strong on-chain metrics and a bullish outlook from analysts, Solana seems well-positioned to continue its upward trajectory. However, caution is advised due to potential overbought conditions, which could lead to short-term price corrections. Investors should remain vigilant and consider market volatility when making investment decisions in Solana.
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