Solana’s Network Growth and DeFi Surge Signal Potential for Further Gains
Solana (SOL) has enjoyed strong momentum recently, rising 13% in the past week, now trading at $172.
This growth isn’t just due to the overall bullish trend in the crypto market but also driven by Solana’s expanding network.
The number of daily active addresses on the network has hit all-time highs, showing increased interest as more users trade SOL and interact with decentralized applications (dApps) built on its blockchain.
Additionally, Solana’s daily revenue has climbed to $2 million, the highest in six months, reflecting growing demand for its services.
The decentralized finance (DeFi) sector on Solana has also seen significant growth, with its Total Value Locked (TVL) reaching $6.48 billion, close to overtaking Tron’s $6.94 billion.
This could soon make Solana the second-largest blockchain by TVL if its growth continues. Key technical indicators, such as the Chaikin Money Flow (CMF) and Average Directional Index (ADX), show strong bullish momentum.
If SOL breaks through the $171 resistance level, it could push for further gains, with long traders showing confidence as funding rates have remained positive for two weeks.
Ethereum’s Uncertainty Grows as Solana Solidifies Its Dominance
A crypto market observer predicts a potential drop for Ethereum (ETH) compared to Bitcoin (BTC) while expressing optimism about Solana (SOL). $ETH lol…this is the chart I had months ago. The true $ETHBTC bottom is probably at like 0.025-.03 pic.twitter.com/W2Zrn9lR9B — Altcoin Sherpa (@AltcoinSherpa) November 20, 2024 The analyst, known as Altcoin Sherpa on social […]
Solana Shows Potential for Rebound Amid Market Optimism – What to Expect
Since the bull market kicked off in late 2023, Solana (SOL) skyrocketed from $20 to $210 by March 2024, marking an extraordinary 850% increase. However, by Q2, SOL’s value dipped below $150, breaking a long-term support trendline. Now, SOL is showing signs of rebounding, sparking optimism about its future potential. Market analyst Ansem pointed out […]
What’s Next for Solana’s Price Amid Strong Bullish Momentum?
Solana (SOL) has shown strong upward momentum, breaching the $150 mark and the 50-day simple moving average, suggesting a potential 20% surge if it manages to surpass $162. In recent sessions, Solana’s price has climbed above the critical $140 resistance level amidst a broader bullish trend in the cryptocurrency market. A significant bullish signal was […]
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Ethereum’s Uncertainty Grows as Solana Solidifies Its Dominance
22.11.2024 17:00 1 min. read -
2
What’s Next for Solana’s Price Amid Strong Bullish Momentum?
18.07.2024 12:00 2 min. read -
3
Solana Shows Potential for Rebound Amid Market Optimism – What to Expect
29.07.2024 16:00 1 min. read -
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Solana’s Network Growth and DeFi Surge Signal Potential for Further Gains
24.10.2024 15:30 1 min. read
