After an impressive breakout last week, Solana (SOL), a rapidly growing layer one (L1) blockchain with many decentralized finance (DeFi) protocols, is gaining significant bullish momentum. Currently valued at about $98 billion, with a daily trading volume averaging around $4.6 billion, this large-cap altcoin has recently retested its support/resistance level above $161, signaling a potential upward movement.
Trading at around $168 at the time of writing, Solana’s price is now just 35% away from its all-time high (ATH). From a technical standpoint, SOL needs to consistently close above its July 2024 peak of about $190 to prevent a possible retracement to the support level of approximately $120, which has held steady during the past seven months of consolidation.
Why Solana Bulls Remains Undefeated
At the heart of the Solana network is the vibrant online community of developers and investors. With around 2,223 validators, the Solana network has scaled to over 330 billion transactions since its inception. In the last 24 hours, the Solana network registered over 7.6 million active addresses, compared to about 350k on the Ethereum (ETH) network.
Driven by increasing demand for Solana’s services, including staking, the total value locked (TVL) in the network has reached a multi-year high of about $6.41 billion. Additionally, Solana’s stablecoin market cap has surged to over $3.58 billion.
DeFi Activity on the Rise
The recent increase in Solana’s DeFi activity can be largely attributed to the meme coin market, which has a valuation of around $11.2 billion and a daily trading volume of about $2.6 billion.
Solana’s future is bright, but the road ahead is uncertain. What do you think is next?
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed