$SOL đ Solana (SOL) aiming for $200!
Evaluation of an epic advance. Solana has broken the $170 barrier and shot up to $180, showing an incredible advance in its price. With this recovery, Solana has the potential to reach $200 in the near future.
This recent price movement was accompanied by a significant increase in trading volume, indicating strong buying pressure.
Moving from $170 to $180 was crucial because it cleared a key resistance, suggesting buyers are taking control.
This momentum could take Solana to the long-awaited $200 mark. Analyzing the chart, we see that Solana has surpassed the 50-day and 200-day moving averages, important indicators of an uptrend.
The recent break above these averages is a clear sign of an upward trajectory. Additionally, Bollinger Bands are widening, suggesting higher volatility and potential gains. In addition to technical indicators, on-chain data supports this bullish view.
The number of new addresses on the Solana network has been steadily increasing, reflecting growing interest and adoption. According to Hellomoon, in May 2024 the number of new addresses is on the rise, indicating that more users are joining the network. The breakdown of weekly transaction fees also shows an increase in priority fees, indicating increased usage of the network and increased demand for transaction processing.
This increase in activity underscores the growing utility of the Solana blockchain. However, while technical and on-chain metrics are promising, the overall market is still far from a state of euphoria. Capital inflows have not yet reached this year's highs, let alone the peaks of 2021 and 2017.
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