CandleFocus

Solana (SOL) Price Targets 27% Hike as Network Usage Surges

Author: Content Editor
The Layer 1 blockchain Solana (SOL) has experienced a surge in user activity over the past month, with daily active addresses and transaction counts increasing significantly. This rise in network demand could potentially drive SOL's price above $200 for the first time since April. During the past 30 days, the Solana network has seen a 70% increase in daily active addresses, with 7 million unique addresses completing at least one transaction. This has also led to a 24% increase in daily transaction volume on the network. Solana has outpaced Ethereum and other major networks in decentralized exchange (DEX) volume over the past week, with a DEX volume of over $13 billion compared to Ethereum's $8 billion. The total value locked (TVL) on Solana is currently at $6.22 billion, the highest since January 2022. Increased network activity on Solana could drive up demand for SOL, potentially pushing its price above resistance levels of $172.53 and reaching levels of $194.12 and $210.18. However, a decline in user activity and weakening demand could push the price down to support levels at $148.15 and further down to $133.76.

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