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Solana (SOL), recently affected by the cryptocurrency market crash, has experienced a significant drop. However, experts believe that as long as SOL continues to hold above the $120 price level, it could see a strong price recovery in the coming months. Currently, with a market value of $56 billion, SOL is the fifth largest cryptocurrency, which had risen to $209 earlier this year before falling back to $124. However, according to many cryptocurrency market analysts, SOL still has promising potential.
Altcoin Sherpa Predicts $500
A well-known analyst, Altcoin Sherpa, suggests that if SOL remains above the $120 price level, it could rise to as much as $500 in the coming months. This scenario would represent a significant price increase of 300% from current levels and would continue SOL’s upward trend over the last six months. If this forecast materializes, SOL could nearly double its peak in November 2021, setting a historic record.
However, potential resistance levels that SOL could face should also be considered. Analysts have identified important price levels such as $110, $102, and especially $74, which has been a critical support level over the last six months. These levels are observed as potential critical points that could affect SOL’s price.
Solana Captures Significant Market Share
According to recent reports, Solana has secured the position of the second largest Blockchain by transaction volume with a 21.3% market share in the first quarter of 2024. This significant achievement was realized as the platform’s transaction volume rose from $11.61 billion in February to $40.05 billion in March. This notable growth reflects Solana’s strong and stable performance.
Solana’s growth story is not limited to just a one-month period. The platform accounted for 14.4% of all decentralized exchange (DEX) transaction volume with a total of $62.31 billion in the first quarter of 2024. This represents a quarter-over-quarter growth of 242.7%. Despite the strong growth and impressive performance, Solana’s market share still ranks fourth behind Binance Smart Chain.
Factors Behind the Significant Increase
Several factors are behind the significant increase in Solana’s transaction volume. Firstly, the doubling of the price of its native token, SOL, has encouraged increased interest and trading activity within the Solana ecosystem. Additionally, generous airdrops from major projects like Jito (JTO) and Jupiter (JUP) have further boosted transaction volume.
Moreover, the rise in meme coins on the Solana network has also significantly contributed to the transaction volume. Particularly notable was the success of Book of Memes (BOME) launched in March. Reaching a market value of $1 billion within two days, BOME significantly increased trading activities on Solana and made a wide impact in the cryptocurrency world.
