Solana On-Chain Indicators Suggests A Return Of Bullish Sentiment, Is It Time To Buy SOL?
13 Juin 2024 - 4:00PM
NEWSBTC
Certain on-chain indicators paint a bullish picture for Solana
(SOL), suggesting this may be an excellent time to purchase the
crypto token. This aligns with Solana’s price movement on the
chart, with technical analysts predicting that an upward trend
might be on the horizon. Solana Enjoying Greater Adoption
Data from the market Intelligence platform IntoTheBlock shows that
the number of daily addresses on the Solana network has been
growing at an impressive rate. On June 11, over 1 million new
addresses transacted on the Solana network. This development is
significant as SOL could enjoy future price surges as more new
users continue to trade on the network. Related Reading: Famous
Analyst Dave The Wave Says Bitcoin Still Has Wiggle Room, Sets
$300,000 Target The massive growth enjoyed by the Solana network
has also translated to greater trading volume on the network, which
is also bullish for the crypto token. Data from DappRadar shows
that there has been a 62% increase in transaction volume on the
Solana chain in the last 24 hours, with over 8.83 million
transactions processed during this period. Interstingly,
Solana stands tall in this metric, as no other chain has processed
this many transactions during this period. Solana has also
processed more transactions than every other chain in the last
seven days, with over 59.55 million transactions processed within
this timeframe. The growing interest in SOL has been partly
thanks to the meme coin ecosystem on the network. Solana has become
the go-to platform for traders looking to make massive profits from
meme coins, which have so far been the best-performing crypto
assets in this bull run. Solana’s reputation as the home for
meme coins has even attracted celebrities like Australian rapper
Iggy Azalea, Caitlyn Jenner, and Andrew Tate to the network.
Bearing this in mind, it only seems like a matter of time before
Solana’s price reacts positively to its network growth and
ever-increasing network activity. Time To Buy SOL? Crypto
analyst Altcoin Sherpa suggested that now might be a good time to
buy Solana ahead of the meteoric price rally, which it could enjoy
soon enough. The analyst said he expects “bigger things” for SOL
later this year. For now, he expects Solana to keep chopping
between $185 and $120 and just continue to witness a “prolonged
period of consolidation.” Related Reading: Bitcoin Price
Prediction: Major Analysts Say BTC Is Headed For 6-Digit ATH This
period of consolidation is usually a good time for investors to
accumulate the crypto token, considering that coins typically enjoy
a parabolic uptrend after consolidating for a while. Meanwhile,
Altcoin Sherpa claimed that this period of consolidation is healthy
for Solana, given the huge run it has already had, rising to a
yearly high of $209 on March 18. As to how Solana can rise, Altcoin
Sherpa previously predicted that the crypto token will rise above
$500 this year.
Solana (COIN:SOLUSD)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Solana (COIN:SOLUSD)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024