Attracting new users day by day, Solana (SOL) is growing along with the increasing total locked asset value.
Solana, which hosted the memecoin supercycle, achieved the most striking statistics of 2024. The total locked asset (TVL) value of the Solana blockchain, which was around $ 1 billion at the beginning of the year, increased to $ 9.257 billion as of the news writing time. The popular blockchain started to generate an average daily revenue of $ 15 million.
Solana, which hosts memecoins such as BONK, WIF, PNUT, ACT, GOAT and MEW, is running to record highs with its increasing number of users. The SOL price reached $262 in the morning hours, marking an all-time high (ATH).
AMBCrypto has prepared a striking analysis for SOL.
Solana (SOL) analysis
With bullish momentum strengthening, Solana could reach $300 by the end of the year, according to AMBCrypto’s analysis.
SOL continues to attract new investors. Open Interest (OI) reached an all-time high of $6.03 billion in the last 24 hours. This data was interpreted as demand from derivatives also supporting spot demand.
Despite the positive outlook, the Relative Strength Index (RSI) has formed a bearish divergence. The data in question suggests that there may be an increase in selling pressure. AMBCrypto said that the increase in short selling is striking and investors should be cautious against the changing market sentiment.
The analysis noted that;
“This month, bullish market sentiment has reached new highs, but SOL was already heavily overbought. The next major target for SOL would be $300, which could be achieved soon if the market maintains its current momentum.”
The analysis stated that if cryptocurrencies, especially BTC, remain strong, the SOL price will continue to rise. However, the analysis stated that sharp price movements could be seen with the start of profit taking.
Stay tuned.