BusinessAiming High: Solana Targets $200 with Record-Breaking On-Chain Metrics and a Promising...

Aiming High: Solana Targets $200 with Record-Breaking On-Chain Metrics and a Promising Price Setup for SOL

Solana Soars in Value as Altcoin Market Booms

Amid Bitcoin’s steady climb towards $72,000 and consecutive all-time highs, the altcoin sector is experiencing a surge in momentum. Notably, Solana (SOL) has caught the attention of investors with its remarkable gains in just one week. Additionally, Solana’s upward trajectory has driven various on-chain metrics to unprecedented levels, instilling doubt among bearish traders.

New Addresses Record Highs for Solana

In the last 24 hours, the cryptocurrency market saw total liquidations surpassing $230 million. Within this figure, long positions contributed roughly $148 million in liquidations, while short positions witnessed around $82 million in liquidations. Of this total, Solana (SOL) encountered close to $8 million in liquidations during the same timeframe.

As SOL surpasses the $150 mark, there has been a noticeable increase in on-chain activity. Recent data indicates that the daily creation of new addresses on the Solana blockchain has reached a record high. The average daily creation of new addresses on the SOL network, calculated using a seven-day moving average, now exceeds 718,000.

Genuine User Engagement Fuels Solana’s Rise

The surge in adoption metrics underscores significant genuine user engagement on the network, signifying more than mere interest. We are on the brink of achieving new all-time highs driven by this real participation. With Solana outpacing the daily transaction volumes of Ethereum, Arbitrum, Optimism, BNB Chain, Tron, and Avalanche combined, its ascent to becoming one of the top three blockchains by market capitalization seems inevitable.

Since early March, Solana has consistently recorded transaction volumes exceeding $2 billion on decentralized exchanges (DEXs) each day. As Bitcoin has hit new all-time highs multiple times recently, similar trends are anticipated for both Ether and Solana, propelled by market capital flows.

Buyers vs. Sellers: The Battle for Solana’s Price

While sellers are pushing to trigger a downturn in Solana’s price, buyers are resilient in their stance. The current minor retracement suggests a lack of significant selling pressure, with buyers consistently entering the market at every dip. However, sellers are defending the $155 resistance level strongly. At present, SOL is trading at $149, showing a 1.1% increase from the previous day.

The present scenario depicts a fierce battle between buyers and sellers as SOL price consolidates within the $145-$150 range. Nevertheless, recent accumulation may incentivize buyers to assert their dominance by pushing the price above $153, potentially leading to further gains towards $185.

On the contrary, sellers aiming to halt the upward momentum must swiftly drive the price below the critical level of $123. A breach of this level could trigger heightened selling activity, potentially leading to a decline towards the crucial support range of $90-$110, a zone likely to be vigorously defended by buyers.

In conclusion, Solana’s impressive performance and increasing on-chain metrics point towards a bullish outlook for the cryptocurrency. With significant user engagement, strong transaction volumes, and a market cap trajectory on the rise, Solana’s potential for further growth and adoption remains promising.

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