Layer1s
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💥💥💥 #SolanaPrice Forecast: Can Bulls Breach Yearly High as #Layer1s Dominate Crypto Volume?
Solana (SOL) Price Surge and Market Performance
- Solana (SOL) has recently gained significant traction, with its price rising by 6.2% to $193 early Monday. This increase aligns with Bitcoin’s breakthrough of a major resistance level and a broader market recovery.
- Solana's network excels in handling millions of transactions per minute with minimal interruptions, solidifying its status as a leading layer 1 blockchain. This performance is evident in its increasing market dominance.
Layer 1 Blockchains Lead Trading Volume
- On-chain data from Santiment shows that layer 1 blockchains, including Solana, have dominated trading volumes in the past week. Bitcoin, Ethereum, and Solana all ended the week on a positive note, surpassing layer 2 solutions & meme coins in trading volumes.
- Solana has outperformed Bitcoin, Ethereum, and XRP, rising 38% year-to-date (YTD) compared to Bitcoin’s 16% increase & declines of 4% and 16% for Ethereum and XRP, respectively. Solana’s market dominance is now 3.68%, up 1.72% in the past 24 hours, nearing BNB’s 3.57%.
Solana’s Price Targets and Technical Outlook
- SOL’s price is on an upward trajectory, surpassing the previous resistance level of $172. This indicates a bullish reversal pattern with further potential gains.
- Trading above the 50-day and 200-day EMAs, Solana has support levels around $159 and $137, respectively, with recent consolidation at $180 acting as a minor support zone. The price is expected to test the next major resistance level at $210, with a potential target of $220, representing an 8-28% increase from its current level.
- Technical indicators are optimistic: the Relative Strength Index (RSI) is at 68.32, approaching overbought territory, suggesting strong bullish momentum but potential short-term pullbacks. The Chaikin Money Flow (CMF) at 0.23 signals strong buying pressure and positive money flow into SOL. Overall, the technical analysis remains bullish for Solana’s price trajectory.
Solana (SOL) Price Surge and Market Performance
- Solana (SOL) has recently gained significant traction, with its price rising by 6.2% to $193 early Monday. This increase aligns with Bitcoin’s breakthrough of a major resistance level and a broader market recovery.
- Solana's network excels in handling millions of transactions per minute with minimal interruptions, solidifying its status as a leading layer 1 blockchain. This performance is evident in its increasing market dominance.
Layer 1 Blockchains Lead Trading Volume
- On-chain data from Santiment shows that layer 1 blockchains, including Solana, have dominated trading volumes in the past week. Bitcoin, Ethereum, and Solana all ended the week on a positive note, surpassing layer 2 solutions & meme coins in trading volumes.
- Solana has outperformed Bitcoin, Ethereum, and XRP, rising 38% year-to-date (YTD) compared to Bitcoin’s 16% increase & declines of 4% and 16% for Ethereum and XRP, respectively. Solana’s market dominance is now 3.68%, up 1.72% in the past 24 hours, nearing BNB’s 3.57%.
Solana’s Price Targets and Technical Outlook
- SOL’s price is on an upward trajectory, surpassing the previous resistance level of $172. This indicates a bullish reversal pattern with further potential gains.
- Trading above the 50-day and 200-day EMAs, Solana has support levels around $159 and $137, respectively, with recent consolidation at $180 acting as a minor support zone. The price is expected to test the next major resistance level at $210, with a potential target of $220, representing an 8-28% increase from its current level.
- Technical indicators are optimistic: the Relative Strength Index (RSI) is at 68.32, approaching overbought territory, suggesting strong bullish momentum but potential short-term pullbacks. The Chaikin Money Flow (CMF) at 0.23 signals strong buying pressure and positive money flow into SOL. Overall, the technical analysis remains bullish for Solana’s price trajectory.
