Cryptocurrency market’s recent standout, Solana (SOL), has captured the attention of investors and analysts with its impressive performance over the last 24 hours. SOL’s price has risen over 9%, reigniting its upward momentum and is now competing with BNB coin in terms of market value.
Solana Breaks Significant Resistance
Having surpassed the daily chart resistance level of $184, SOL is now poised to overcome the $200 barrier. Breaking this critical level could lead to further gains for the cryptocurrency.
However, industry experts and crypto analysts suggest that SOL’s price movement could continue towards the all-time high of $259 seen in November 2021.
Moreover, analysts note that SOL is currently consolidating within a symmetrical triangle formation on the daily timeframe, and a breakout from this formation could trigger an “explosive” price movement for SOL, potentially leading to a return to previous all-time high levels around $255.
SOL’s renewed upward momentum is supported by a significant increase in trading volume. With a 74.20% increase in the last 24 hours, reaching a trading volume of $4,514,426,127, this indicates heightened activity in the market.
Solana’s Ascendancy Continues
Token Terminal‘s latest data shows that Solana’s fundamental metrics indicate a rapidly growing interest among investors in this Blockchain. But what data supports this claim?
Firstly, let’s look at Solana’s market value. The fully diluted market value exceeds $99.32 billion, showing a 70.0% increase over the last 30 days. This suggests a swift rise in Solana’s popularity.
However, the circulating market value is even more noteworthy. Considering the tokens currently in circulation, this value exceeds $77.05 billion, with a 71.3% increase in the last 30 days. These figures indicate that Solana is attracting new interest beyond satisfying current investors.
Transaction Fees on the SOL Network
Looking at the transaction fees on the Solana network, over the past 30 days, fees have generated $51.46 million, representing a staggering 220.7% increase, which shows increased usage and demand for the network. Annually, these fees reach $626.15 million, supporting Solana’s sustainable revenue model.
In terms of revenue, Solana also presents a positive picture. The revenue over the last 30 days has exceeded $25.73 million, and on an annual basis, this figure surpasses $313.08 million. This situation demonstrates Solana’s potential for future growth and its strong position within the network.
However, the duration of this upward momentum remains a significant question mark. We will wait to see if Solana reaches its all-time high levels, but for now, it’s clear that Solana maintains a strong presence in the world of cryptocurrency.
