Solana (SOL) bulls are eying a massive upside to $184 amid massive network growth. Blockchain data shows that Solana continues to outpace Ethereum in most metrics, and this is driving interest towards SOL.
This bullish outlook is further supported by technical indicators. As bullish momentum builds around Solana, how will the price react?
At press time, SOL price trades at $177 with a 3% intraday gain after a healthy bounce from a daily low of $169. Its 24-hour trading volumes stood at $3 billion with a $92 billion market cap.
SOL Price Eyes $184 as Buy Signal Emerges
A Solana price rally to $184 is imminent as the daily chart shows that SOL is trading within an ascending triangle pattern. This pattern usually suggests that a bullish continuation is imminent, and the price is likely to break to the upside.
However, for a bullish continuation to occur, SOL needs to overcome the resistance at the upper horizontal trendline. At this point lies the critical $184 resistance level, which, if bulls overcome, will drive massive gains past $200.
The RSI, which is at 52, shows that the current momentum is bullish, and this explains the ongoing price gains. However, to sustain this upward trend, the RSI needs to create higher highs, as past patterns show that this rise has often led to notable gains.
Meanwhile, the MACD confirms that bulls can attain the $184 price target after it formed a buy signal after crossing above the signal line. Once buyers step in, it will confirm this bullish Solana price forecast and aid the breakout from the $184 resistance to levels above $200.
However, Solana’s rally is under threat if the uptrend falters, and instead it drops below the lower trendline and loses the $170 support level. This will invalidate the bullish thesis and cause a notable price decline.
Solana Outpaces Ethereum in Fees
One of the catalysts for Solana price growth is the blockchain’s growth as it continues to outperform its biggest rival, Ethereum. Data from DeFiLlama shows that in the last seven consecutive weeks, the SOL network has outpaced ETH in chain fees. At press time, Solana’s fees stood at $2.019 billion, notably higher than Ethereum’s $1.40 billion.
At the same time, Solana dApp volumes have surged by 50% in one month according to DappRadar data, and this is also another driver for price growth. As network activity surges, it is bound to boost SOL’s utility and demand, and this will, in turn, aid the next bull run.
This network growth supports the thesis that Solana price will likely target its previous all-time highs soon, and this will play a major role in aiding the uptrend. However, the uptrend is contingent on SOL bulls overcoming the $184 resistance.