đŸ’„đŸ’„đŸ’„ #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.