Cryptonews Price Predictions Solana Price Prediction as SOL Transaction Volume Reaches Record-High $1 Trillion – Adoption Rising?
Solana Price Prediction as SOL Transaction Volume Reaches Record-High $1 Trillion – Adoption Rising?
Joel Frank
Last updated: February 1, 2024 05:15 EST | 2 min read
The Solana (SOL) price is holding firmly above key short-term support levels and eyeing a retest of $100 amid optimism about a recent strengthening of network activity, as indicated by total SOL transfer volumes on the network nearly reaching a stunning $1 trillion in January.
Last around $98, the Solana price is up 6% from earlier session lows in the $92.50 region.
Crypto prices were pressured during late Wednesday and early Thursday trade by this week’s hawkish Fed policy announcement.
But optimism about strong network fundamentals and positive recent technical developments have seen the Solana price rebound strongly.
As per data presented by TheBlock, the number of active addresses on Solana has bene shooting up in recent days.
The 7DMA was last at 842,000, while the 7DMA of daily new addresses was last around 520,000.
That’s a new record high.
The 7DMA of daily value moved on-chain has also shot up to $44 billion, its highest since late 2022.
The explosion in on-chain activity comes amid Jupiter’s successful JUP token airdrop on the blockchain.
Jupiter is a Solana-based decentralized exchange liquidity aggregator and one of the blockchain’s most popular decentralized finance applications.
The airdrop event released 13.5% of the token’s total 10 billion supply and immediately created a new crypto unicorn.
JUP has a fully diluted market cap of nearly $6 billion.
Importantly, the Solana network held up perfectly under the strain of airdrop-related activity.
The recent surge in interest for the blockchain is a sign of its growing adoption.
That, combined with recent bullish technical developments, means Solana price predictions are likely to remain optimistic.
Solana Price Prediction – Where Next for Solana (SOL)?
Chart analysis suggests that the Solana price’s next stop is a retest of last year’s highs in the $126 area.
That’s because SOL recently broke a downtrend and bounced a retest of its 21 and 50DMAs in the $93-95 area.
Solana (SOL) Price Chart / Source: TradingView
That could mean fast and easy gains in the region of 30% for Solana from here.
But that could be just the beginning for the Solana price.
Indeed, SOL remains over 60% lower versus its 2021 record highs in the $260s.
But with adoption clearly fast on the rise and a broader crypto bull market in full swing, the Solana price could be on course to blast past its prior record levels.
It wouldn’t be out of the question for Solana to reach a market cap of $200 billion this bull market cycle.
That could mean 5x gains for the Solana price.
