Solana (SOL) has witnessed a remarkable resurgence in bullish momentum, demonstrating a rebound of more than 9% in the last 24 hours. This impressive performance has surpassed that of the top 10 largest cryptocurrencies in terms of market capitalization.
The recent surge in SOL’s price has propelled it past the $184 resistance level on the daily chart. The next hurdle at $201 now stands as the final barrier to further advancement for the cryptocurrency.
Nevertheless, insights from industry experts and crypto analysts suggest that SOL’s price action hints at a potential continuation towards its previous all-time high of $259, achieved during the bullish market trend in November 2021.
Analysts like “Jelle” have pointed out SOL’s successful transformation of the last significant resistance level into support, projecting a positive outlook for the token’s future. This analysis anticipates SOL’s price to keep climbing, potentially surpassing $250 by summer.
Similarly, another analyst under the pseudonym Mikybull has observed SOL consolidating within a symmetrical triangle pattern on a daily timeframe. A breakout from this pattern is expected to trigger a significant price movement, aiming to reach previous all-time high levels around $255.
Furthermore, data from CoinGecko indicates a substantial increase in trading volume for SOL, with $4,514,426,127 traded in the last 24 hours. This surge of 74.20% compared to the previous day signifies a notable uptick in market activity, supporting SOL’s renewed bullish momentum.
Analyzing Solana’s key metrics from Token Terminal reveals growing investor interest in the blockchain. The fully diluted market capitalization stands at $99.32 billion, showcasing a 70.0% increase over the past 30 days. Meanwhile, the circulating market cap has grown by 71.3% in the same period, reaching $77.05 billion.
Additionally, transaction fees generated on the Solana network have surged by 220.7% over the past 30 days, totaling $51.46 million. When annualized, fees amount to $626.15 million, underscoring increased network usage and demand. Revenue within the Solana network has also seen positive growth, with a 30-day revenue of $25.73 million reflecting a significant monthly increase of 220.7%.
Despite these promising metrics and bullish momentum, it remains to be seen whether SOL can sustain its trajectory towards current all-time highs.
