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Solana (SOL) experienced a price dip from briefly testing $180 on May 13 to $171. However, on-chain data and substantial increases in decentralized application (dApp) revenues spark optimism for a potential resurgence. Technical signs coupled with Solana’s impressive network performance significantly attract interest. Notably, Solana’s weekly dApp revenues far exceeded Ethereum , and an increase in open positions in futures trading has garnered attention.
Technical Indicators Signaling Upsurge for Solana
Though SOL’s price faced selling pressure after nearing the resistance line of its rising channel, it successfully maintained support at the midline. This dynamic is expected to facilitate upward movement, according to technical analysts. The convergence of the 20-day exponential moving average and the 200-day moving average is recognized as a “golden cross” signal. If this signal materializes, prices are anticipated to first aim for $177 and then target the historical peak of $296.
With the Relative Strength Index (RSI) holding at 69, buyers are confirmed to remain in the game. As the indicator does not enter the overbought territory (above 70), it suggests that prices might rise at a more balanced pace. Besides technical data, improvements in the network’s fundamental metrics are underscored as supportive to SOL.
Network Performance and Focal Point for Enthusiasts
Recently, Solana surpassed its competitors in revenues generated from dApps. According to DeFiLlama, Solana’s weekly revenue exceeded $50 million, making up 51.6% of the overall market. In comparison to Ethereum’s share of 14.23%, this difference highlights Solana’s substantial role in the decentralized finance (DeFi) ecosystem.
According to DappRadar, transactions on the Solana Blockchain saw a 50% increase in weekly volume, hitting $1.61 billion, with transaction counts reaching 138 million. This performance boosts investor confidence, which is also reflected in the futures market. Open positions reached the highest level since January at $6.92 billion, highlighting investor belief in SOL’s potential to exceed $200 in the near future
