Solana Reclaims $150 Mark, SOL Approaches $155 Resistance
- Solana reclaims $150 mark, approaches $155 resistance amid market recovery.
- SOL leads daily user activity with 22.2 million active users.
- Price targets: potential rise to $181 and $200, or retrace to support if bearish trend emerges.
Solana (SOL) has emerged as a focal point in the ongoing cryptocurrency market recovery, successfully reclaiming the $150 price level. As the altcoin approaches its critical resistance at $155, market participants are closely monitoring SOLs price action for signs of sustained bullish momentum.
The past 24 hours have seen SOL record a modest 3% gain, accompanied by a robust trading volume of $2.83 billion. This short-term performance contributes to an impressive 16.92% weekly surge, signaling growing buying pressure in the Solana ecosystem.
Despite facing a 7% correction over the past month, SOLs year-to-date return stands at a commendable 48.04%, underscoring its resilience and long-term growth potential.
Solana outpaced others in daily user activity
Beyond price action, Solanas network metrics paint a picture of burgeoning adoption and utility. Recent data reveals that Solana has outpaced competing blockchains in daily user activity, boasting 22.2 million active users.
This figure dwarfs that of its nearest competitor, Tron, which recorded 15.3 million active users. Other notable chains like BASE, Ronin, and Toncoin trail significantly behind, with 9.8 million, 8.11 million, and 7.08 million active users, respectively.
This surge in user activity, documented on September 25th, suggests a growing preference for Solanas infrastructure among developers and end-users alike. The networks ability to attract and retain such a substantial user base could serve as a fundamental driver for SOLs price appreciation in the coming months.
Looking ahead, Solanas price trajectory hinges on its ability to decisively breach the $155 resistance level. A successful breakout could pave the way for a push towards the $181 mark, with the potential to challenge SOLs yearly high above $200 in the fourth quarter. This bullish scenario would likely require sustained ecosystem growth and favorable market conditions.
Read more: https://thenewscrypto.com/solana-reclaims-150-mark-sol-approaches-155-resistance/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
