What You Should Know: Solana Price Poised to Reach New All-Time High
Solana (SOL) price is on the verge of experiencing a significant surge, potentially reaching its all-time high. The Solana network has been gaining traction in recent months, particularly in the realm of smart contracts scalability, and it is now poised for a breakthrough. With a valuation of approximately $109 billion, Solana is primed to reach new heights.
Current data from the crypto market indicates that SOL’s price is inching closer to its all-time high, currently hovering around $190 during the mid-London session. It is only 26 percent away from its peak, suggesting that a major rally could be in the cards.
The Solana network has established itself as a prominent web3 hub, boasting a total value locked (TVL) of about $4.8 billion and a stablecoins market cap of nearly $3 billion. While Ethereum remains the undisputed leader in the web3 space, Solana has witnessed a surge in on-chain activity, mainly driven by its DeFi protocols.
A closer look at Solana’s on-chain activity reveals a thriving ecosystem. Market data from Defillama indicates that the average trading volume within Solana’s web3 ecosystem is approximately $1.2 billion, underscoring its growing significance in the crypto world.
The recent surge in on-chain activity can be attributed to the hype surrounding meme coins such as dogwifhat (WIF), Bonk (BONK), and cat in a dogs world (MEW). These meme coins have injected over $45 million in SOL liquidity, further fueling Solana’s momentum.
As March came to a positive close, Solana bulls are feeling optimistic about the weeks ahead. Analysis of weekly and daily time frames reveals an ascending triangle in SOL’s price against the US dollar, indicating the potential for a bullish breakout.
If SOL manages to break the resistance at $205, it could trigger a rally towards the liquidity range between $218 and $230. This critical point aligns with the 0.5 and 0.618 daily Fibonacci Extension levels, suggesting the possibility of a bullish surge.
In conclusion, Solana is emerging as a standout player in the blockchain world, with its focus on scalable smart contracts. Its recent growth in on-chain activity, fueled by DeFi protocols and meme coins, has attracted more users. Technical indicators point to a potential bullish breakout for SOL in the coming weeks, indicating that a significant price rally may be on the horizon.