Solana (SOL) Breaks Old Price Patterns, Eyes Further Price Surge as Network Usage Grows

2023-12-9 18:06

According to analysts Rekt Capital and Jacob Canfield, Solana is displaying bullish technical and on-chain signals that could propel further upside for the $SOL token. Unlike previous cycles, Solana is consolidating differently after sharp gains, while increased network activity looks primed to drive new demand.

Breaking Old Consolidation Patterns

As Rekt Capital highlighted recently, “$SOL Solana is doing something completely different at these price levels compared to previous rejections in 2021 and 2022.” Based on the chart, Solana has spike up sharply in value recently before consolidating.

But unlike past market cycles, Solana is holding support above previous resistance levels and consolidation ranges. As the additional analysis added: “Solana is not consolidating below the Critical price levels in which it consolidated on 2021 and 2022.”

This unique price action for $SOL could signal bullish continuation ahead thanks to shifting market dynamics.

Demand Growing Across Solana Ecosystem

Jacob Canfield notes one factor driving renewed Solana adoption – increased incentives and airdrops rewarding participation:

“The thesis for $SOL continuing higher is very simple. The network effect of seeing all these people getting 5-6 figure air drops will result in a significant number of people buying $SOL and bringing assets over to farm the air drops.”

As more users interact with Solana dApps to capitalize on airdrops and DeFi opportunities, demand for the underlying $SOL token naturally increases. With fixed token supply, rising utility should translate to appreciating prices over the long-term.

Read also:

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So with Solana breaking out of previous consolidation ranges, alongside accelerating on-chain activity, analysts like Jacob Canfield and Rekt Capital argue the top blockchain has room to continue surging.

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The post Solana (SOL) Breaks Old Price Patterns, Eyes Further Price Surge as Network Usage Grows appeared first on CaptainAltcoin.

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Solana (SOL) на Currencies.ru

$ 193.61 (-0.08%)
Объем 24H $3.503b
Изменеия 24h: 0.07 %, 7d: 1.04 %
Cегодня L: $188.32 - H: $194.87
Капитализация $92.878b Rank 6
Доступно / Всего 479.725m SOL

solana network further price sol previous demand

Источник: captainaltcoin.com

solana network → Результатов: 126


Фото:

Solana eyes transaction boost with proposed block compute increase

Solana developers have proposed increasing the network’s block compute limit from 48 million to 50 million units to handle more transactions and enhance network efficiency. According to details shared on GitHub via a Solana improvement document, this incremental increase aims to improve transaction processing without compromising the network’s performance.

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2021-9-15 15:59


Фото:

Проект децентрализованных оракулов Pyth Network запущен на Solana

Благодаря запуску проекта децентрализованных оракулов Pyth Network в основной сети Solana, разработчики смогут использовать предоставляемые Pyth Network рыночные данные в своих приложениях DeFi.

2021-8-27 12:55


Aleph.im releases decentralized indexing solution for Solana blockchain

Aleph. im, a cross-blockchain decentralized storage & computing network, today announced the release of decentralized indexing for the Solana blockchain. The Solana blockchain is driven by intra-shard parallelism, which is capable of processing thousands of smart contracts at once, and by Proof of History, a distributed timekeeping method unlocking low latency.

2021-8-20 20:19


Aleph.im introduces decentralized indexing for Solana blockchain

Aleph. im, a cross-blockchain decentralized storage & computing network, today announced the release of decentralized indexing for the Solana blockchain. The Solana blockchain is driven by intra-shard parallelism, which is capable of processing thousands of smart contracts at once, and by Proof of History, an innovation in distributed timekeeping that unlocks low latency.

2021-8-20 20:19


Grayscale может запустить 13 новых трастов

Крупнейшая компания по управлению цифровыми активами Grayscale Investments раскрыла названия еще 13 токенов, возможность запуска трастов на основе которых она рассматривает. Это 1inch (1INCH), Bancor (BNT), Curve (CRV), Internet Computer (ICP), Kava (KAVA), Kyber Network (KNC), Loopring (LRC), NEAR (NEAR), Polygon (MATIC), Ren (REN), Solana (SOL), Universal Market Access (UMA) и 0x (ZRX).

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