Crypto Market Begins Week on High Note: Solana (SOL) Surpasses Critical Resistance

As Bitcoin’s value increases cast a positive light on the new week, the crypto market begins on a high note. The total market value of the crypto ecosystem reached $1.16 trillion, according to CoinMarketCap (CMC) data. Impacted by the uptrend in the market, Solana (SOL) recorded a near 1% value increase in the last 24 hours, surpassing the $20 resistance and starting to trade at price levels of $20.7. 

Solana (SOL) Breaches Critical Resistance

Bitcoin (BTC), the leading crypto currency, started the new week on a high and rose to price levels of $28,400 in the early hours of the day. With Bitcoin’s value increase influencing the crypto market, it transitioned back into an uptrend. The total market value of the crypto ecosystem reached $1.16 trillion, according to CMC data. With the volatility in the crypto market increasing, an average of $130 million worth of short and long positions were liquidated in the last 24 hours, as per Coinglass data. 

The uptrend in the crypto market at the beginning of the week accelerated value increases for most altcoins during the day. In the past 24 hours, Solana (SOL) has recorded a nearly 1% increase in value, surpassing the $20 resistance, and started to trade at price levels of $20.7. 

What Signals Are Current Metrics Signaling for Solana (SOL)?

Current metrics are giving signals for Solana (SOL). SOL, the native crypto currency of the Solana blockchain, has recorded a relatively low increase during the day compared to most high market value crypto currencies, but it has significantly approached the price levels of $21 by surpassing the $20 resistance. Moreover, several significant metrics, including the Solana network activity, transitioned to an uptrend. Significant increases have been recorded in the number of active users of the Solana network. 

According to Dune Analytics data, the unique active user number recorded a significant increase of 146.58% compared to April 1, reaching 3.6 million on May 1. Furthermore, the cumulative number of all unique active Solana users rose to 39.75 million.