Solana Nears New All-Time Highs Amid Strong On-Chain Momentum
- On-chain activity boosts Solana, pushing it toward key resistance and a potential new all-time high.
- Breaking the $163.54 resistance, SOL eyes $188.89 as its next target, backed by strong buyer momentum.
- Rising adoption in DeFi and NFTs increases Solanas demand, attracting developers and enhancing its market position.
Solana (SOL) is still in the up trend now, and many believe that the coin is likely to achieve new ATH soon. In a recent X post, Altcoin Sherpa revealed that the cryptocurrency has been on fire in the past few weeks due to increased on-chain activity. The analysis shows that SOL is next to the crucial resistance areas which mean that the price is likely to hit new high.
According to the blockchain data, the Solana network has registered higher transaction volume and the number of its users. This is seen as a bullish sign and Solana is well placed to take on its records. The increased awareness of the network has led to the price increase and reinforced its status within the larger crypto space.
Source: THE BLOCK
Solanas Path to New Highs
The analysis also reflects that SOL has already touched the important resistance level of $163.54, and now this level is acting as support. Meanwhile, the next resistance level is at $188.89. If SOL is able to break through this level, it could reach for its record high of $205.20. The 200-day EMA in particular provides some backing to this view given that the price is trading above these important support levels, which points to more strength on the Buy side. As of writing, SOL is trading at $173.38 and has a 24-hour change of 0.24%.
Source: TradingView
Solanas blockchain is famous for its high speed and low fees is still drawing the attention of dApp developers, which will fuel further growth. Over the past two weeks, the platform has witnessed more DeFi projects and NFTs, which has created a rise in demand for SOL and increasing the platforms attractiveness.
Upcoming Factors Influencing SOL
The next few weeks could be telling of the price direction of SOL. Still, external factors like U.S. elections or the overall market status might lead to fluctuations, but Solanas network metrics show that it has all the chances for price increase.
The rally of Solanas price has been supported by increased on-chain activity and technical indicators. With key resistance levels just within the SOLs range and given the rising interest in the ecosystem, the token looks set to achieve its all-time high soon. Investors pay keen attention to this momentum waiting to capitalize on the further rise since SOL is still in an upward trend.
Read more: https://www.tronweekly.com/solana-nears-new-all-time-highs-amid-strong/
Text source: TronWeekly
