Is Solana's Price Surge Linked to Ethereum's Fees and Bonk Airdrops? 📈
The #surge in Solana's SOL price by over 60% in a week to $118 seems driven by Ethereum's spiking gas fees, pushing users towards Solana's lower transaction costs.
This shift led to a 400% increase in active addresses on Solana compared to Ethereum. Additionally, recent #airdrops like Bonk memecoin and rising decentralized exchange volumes on Solana fueled the price hike.
Institutional investment flows into Solana surpassed #Bitcoin and Ethereum, with $14.1 million inflows in December. Despite technical indicators suggesting a potential bearish divergence, if SOL's price fails below $100, it might dip to $66; a rise above $130 could drive it towards $157.50.
