Record-breaking figures are being produced by the Solana network’s rise in activity, which may be the precursor to a significant price increase. The amount of daily network fees has increased to $3.8 million, a startling 754% rise in just one month. With over $3.8 billion in trading activity on DEX within the network, up 430% from the previous month, trading volumes have also reached record heights.
Additionally, Solana has topped 1.8 million active addresses every day, a figure not seen since September 2021. Unbelievably, 870,000 new daily active addresses were added in a single day, shattering previous records and exhibiting a 110% month-over-month rise.
Solana’s chart analysis indicates a bullish trend. Recently, the price has surpassed the $200 mark, and the ascent is being supported by an increase in trading volume. Important price levels to keep an eye on include the 50-day moving average, which is located around $149, the recent resistance that turned into support.
Below the 100-day and 200-day moving averages, which trail at about $123 and $85, respectively, this moving average has acted as a dynamic support level, offering further levels of possible support.
Even if the RSI is moving away from overbought area, it still suggests that the price may consolidate before making another effort to go higher. Solana may challenge earlier resistance levels if it continues on its present course and remains above the crucial $149 support level. A persistent spike in user activity and network fees can frequently precede and maintain a further gain in token value, which might push Solana closer to yet another record high.
The value of the Solana ecosystem’s token may increase as a result of the meme currency frenzy, drawing in additional investors and maybe starting a self-reinforcing cycle of appreciation.
Assuming Solana maintains its present activity levels and stays clear of technical difficulties, the token will be in a unique position and return to the levels observed in 2021.
