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Bullish
Solana Set to Soar? Explosive Network Growth Fuels $250 Price Target
Riding the crest of a larger altcoin surge after Bitcoin's historic climb above $100,000, Solana's price $SOL is up 29% in the previous month.
Though SOL has subsequently encountered opposition close to the $180 level, onchain statistics and derivatives market activity show promise for further upward growth.
Solana is becoming a force in distributed finance even though it ranks sixth among all the crypto assets based on market capitalization. DeFiLlama data show that its total value locked (TVL) now comes at $9.136 billion.
Solana's attraction is strengthened by its growing transaction prices, which are converting into more income unlike other blockchain networks with low fee structures. DefiLlama claims Solana exceeded Ethereum's $24.9 million but behind Tron's $51.9 million in base fees produced over 30 days. SOL is hitting three-month highs in network profitability from this increase in DApp revenue and chain use.
The coin benefits from a limited circulation supply because around 65% of SOL locked in staking contracts is positive for price appreciation. With an 8% current perpetual futures financing rate, leveraged traders show moderate optimistic attitude without implying too much enthusiasm.
Momentum is building even as Solana still lags more than 40% behind its all-time price of $295 (reached in January 2022). Given rising institutional interest, analysts feel a $200 rise is within grasp. Often a forerunner of a spectacular surge, this is reinforced by a bullish declining wedge pattern created by the green support and red resistance lines on the chart below.
#Solana #SOL #BinancePizza #CryptoCPIWatch #EthereumSecurityInitiative $SOL
Riding the crest of a larger altcoin surge after Bitcoin's historic climb above $100,000, Solana's price $SOL is up 29% in the previous month.
Though SOL has subsequently encountered opposition close to the $180 level, onchain statistics and derivatives market activity show promise for further upward growth.
Solana is becoming a force in distributed finance even though it ranks sixth among all the crypto assets based on market capitalization. DeFiLlama data show that its total value locked (TVL) now comes at $9.136 billion.
Solana's attraction is strengthened by its growing transaction prices, which are converting into more income unlike other blockchain networks with low fee structures. DefiLlama claims Solana exceeded Ethereum's $24.9 million but behind Tron's $51.9 million in base fees produced over 30 days. SOL is hitting three-month highs in network profitability from this increase in DApp revenue and chain use.
The coin benefits from a limited circulation supply because around 65% of SOL locked in staking contracts is positive for price appreciation. With an 8% current perpetual futures financing rate, leveraged traders show moderate optimistic attitude without implying too much enthusiasm.
Momentum is building even as Solana still lags more than 40% behind its all-time price of $295 (reached in January 2022). Given rising institutional interest, analysts feel a $200 rise is within grasp. Often a forerunner of a spectacular surge, this is reinforced by a bullish declining wedge pattern created by the green support and red resistance lines on the chart below.
#Solana #SOL #BinancePizza #CryptoCPIWatch #EthereumSecurityInitiative $SOL
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