🔥🔥🔥Solana Provides Support Monthly as Network Activity Grows — Is It Time to Breakout?
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Yesterday, Solana faced sharp volatility, falling 7% after the Fed’s rate cut, but it remained above key support, reinforcing confidence in its ability to withstand macroeconomic changes.
On-chain indicators are optimistic:
The Solana network’s daily transaction volume surged to nearly 67 million, reflecting its growing adoption and continued network activity. Developers and users continue to rely on its scalability and efficiency, highlighting Solana’s position as a leading blockchain platform. Analysts believe that if SOL maintains above key support, it is expected to rebound strongly.
Solana meets key demand:
Solana remains above key demand levels around $210 after the Fed’s policy statement triggered a sell-off, reinforcing bullish sentiment for the asset. Top analyst Jelle noted that Solana has managed to break lower, hold above monthly and weekly support, and continue to trade within its falling wedge pattern, signaling a breakout is imminent.
On-chain indicators are promising:
Data shared by Ali Martinez shows that the Solana network is seeing nearly 67 million daily transactions, highlighting its strong adoption and user engagement. Increased network activity sets the stage for continued price growth, reinforcing the bullish outlook.
Future Outlook:
If Solana holds above $210 in the coming days and breaks above $240, it would signal renewed strength and pave the way for higher price targets.
The key intermediate step is at the $225 mark, and reclaiming this level would confirm the bullish trend and set the stage for further gains. However, failing to break through these resistance levels could see Solana continue to range-bound.
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