Solana (SOL) has seen a notable resurgence in its bullish momentum, rebounding over 9% in the past 24 hours. This remarkable performance exceeded that Top 10 the largest cryptocurrencies by market capitalization.
The latest rise in SOL price allowed it to surpass its resistance level on the daily chart at $184. The remaining $201 hurdle now serves as the final hurdle 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, reached during the market's uptrend in November 2021.
SOL Price Expected to Breakout and Hit All-Time Highs
An analyst, “Jelle”, strong points SOL’s successful transformation of the last significant resistance level into support, suggesting a positive outlook for the future of the token. The analyst predicts that SOL price will continue to rise and could exceed $250 by summer.
Likewise, another analyst using the pseudonym Mikybull points out which SOL is currently consolidating into a symmetrical triangle pattern on a daily time frame.
According to the analyst, a breakout of this trend should trigger an “explosive” price movement, aimed at reaching its previous level. record 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 an increase of 74.20% from the previous day, indicating a notable increase in market activity.
Solana Measures Demonstrate Growing Investor Interest
According to data From Token Terminal, Solana's key metrics highlight investor usage and adoption of its blockchain. Starting with the market cap, the fully diluted market cap is $99.32 billion. This figure represents the total market value if all tokens were in circulation. Fully diluted market capitalization over the past 30 days increased by 70.0%.
On the other hand, the circulating market capitalization, which only takes into account tokens currently in circulation, is valued at $77.05 billion. It saw 30-day growth of 71.3%.
Looking at the fees generated by transactions on the Solana network, the 30-day fee stands at $51.46 million. This represents a notable increase of 220.7% in 30 days, highlighting an increase network usage and demand. Once annualized, the costs reach $626.15 million.
In terms of revenue, Solana has seen positive growth. The 30-day revenue stands at $25.73 million, reflecting a significant increase of 220.7% over the past month. When annualized, revenue stands at $313.08 million, showing sustainable revenue generation within the Solana network.
It remains to be seen whether these measures and bullish momentum will keep SOL on track to its current all-time highs.
Featured image from Shutterstock, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the views of NewsBTC on whether to buy, sell or hold investments and, naturally, investing involves risks. You are advised to carry out your own research before making any investment decision. Use the information provided on this website entirely at your own risk.