Solana (SOL) Breaks Through Key Resistance, Analyst Forecasts $250 Price Target
26 Marzo 2024 - 4:00AM
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Solana (SOL) has experienced a notable resurgence in its bullish
momentum, with a rebound of over 9% in the past 24 hours. This
notable performance has outpaced the top 10 largest
cryptocurrencies in terms of market capitalization. The latest
surge in SOL’s price has allowed it to surpass its resistance level
on the daily chart at $184. The remaining hurdle of $201 now stands
as the final barrier to prevent further gains for the
cryptocurrency. However, industry experts and crypto analysts
suggest that SOL’s price action indicates a potential continuation
towards its previous all-time high of $259, achieved during the
market’s bullish run in November 2021. SOL Price Expected To
Breakout And Target All-Time Highs One analyst, “Jelle,” highlights
SOL’s successful transformation of the last significant resistance
level into support, suggesting a positive outlook for the token’s
future. The analyst predicts that the SOL price will continue to
rise and potentially exceed $250 by the summer. Related Reading:
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Similarly, another analyst using the pseudonym Mikybull points out
that SOL is currently consolidating within a symmetrical triangle
pattern on a daily timeframe. According to the analyst, a
breakout from this pattern is expected to trigger an “explosive”
price movement, aiming to reach its previous all-time high levels
at around $255. Supporting SOL’s renewed bullish momentum,
CoinGecko data reveals a significant increase in trading volume,
with $4,514,426,127 traded in the last 24 hours. This represents a
74.20% surge compared to the previous day, indicating a notable
surge in market activity. Solana Metrics Demonstrate Growing
Investor Interest According to data from Token Terminal,
Solana’s key metrics further highlight the use and adoption of its
blockchain among investors. Starting with market capitalization,
the fully diluted market capitalization is $99.32 billion. This
figure represents the total market value if all tokens were in
circulation. The fully diluted market capitalization over the past
30 days has increased by 70.0%. On the other hand, the
circulating market cap, which only considers the tokens currently
in circulation, is valued at $77.05 billion. It has witnessed a
30-day growth of 71.3%. Examining fees generated through
transactions on the Solana network, the 30-day fees amount to
$51.46 million. This represents a notable surge of 220.7% within 30
days, highlighting increased network usage and demand. When
annualized, the fees reach $626.15 million. Related Reading: 7 Days
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terms of revenue, Solana has seen positive growth. The 30-day
revenue is $25.73 million, reflecting a significant increase of
220.7% over the past month. When annualized, the revenue amounts to
$313.08 million, showing the sustainable income generation within
the Solana network. It remains to be seen if these metrics and
bullish momentum will sustain SOL’s path to its current all-time
highs. Featured image from Shutterstock, chart from TradingView.com
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