Solana, which hosted the Memecoin Super Tournament, has had the most eye-catching stats in 2024. The total value of assets locked (TVL) on the Solana blockchain, which was around $1 billion at the beginning of the year, has increased to $9.257 billion at the time of writing. The Solana blockchain has started generating an average daily income of $15 million.
Solana, which hosts memecoins such as $BONK, WIF, PNUT, ACT, GOAT and MEW, is on track to set new records as the number of users increases. The price of $SOL reached $262 in the morning hours, marking an all-time high (ATH).
#Solana (SOL) Analysis
According to AMBCrypto analysis, Solana, which is gaining bullish momentum, may reach $300 by the end of the year.
SOL continues to attract new investors. Open interest (OI) reached an all-time high of $6.03 billion in the past 24 hours. This data was interpreted as derivatives demand also supporting spot demand.
Despite the positive outlook, the Relative Strength Index (RSI) created 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 noticeable and that investors should be cautious of the changing market sentiment.
The analysis noted the following:
“This month, bullish sentiment has reached new highs, but $SOL is already in the overbought zone. The next major target for SOL will be $300, which could be achieved soon if the market maintains its current momentum.”
The analysis stated that if cryptocurrencies, especially $BTC , remain
Strong, SOL prices will continue to rise. However, the analysis reported that sharp price movements could be seen as profit-taking begins.
