As an experienced analyst, I see Solana’s recent breakthrough at $170 as a significant development that could lead the cryptocurrency to reach its next price target of $200. The surge in trading volume and buying pressure is a clear indication of bullish sentiment, which has helped Solana overcome local resistance levels.
At a price of $170, Solana has achieved a significant milestone and is making a strong push towards reaching $180. Following this price increase, it’s possible that Solana could set its sights on a $200 target and potentially reach it in the near term.
Recent developments in the market have led to a substantial rise in trading activity, hinting at robust buying interest as the price advances from $170 to $180. This upward trend is particularly significant since it surmounted a previous resistance point, implying that bulls are taking the reins. The resulting momentum might be enough to push Solana past the eagerly awaited $200 threshold.
As a researcher closely examining the chart, I’ve noticed that Solana has surpassed both its 50-day and 200-day moving averages. These averages serve as significant benchmarks of an uptrend in the market. This bullish crossover represents a robust indication of a price surge to come. Additionally, I’ve observed that the Bollinger Bands are expanding, which suggests heightened volatility and the likelihood of additional price growth.
As a researcher studying the cryptocurrency market, I’ve observed that Solana’s bullish outlook is not only reinforced by technical indicators but also by on-chain data. Specifically, the number of new addresses on the Solana network has been steadily rising, which indicates growing interest and adoption among users. Based on data from Hellomoon, this trend continues in May 2024 with an increasing number of new addresses joining the network each day.
Additionally, the analysis of the weekly transaction fee details reveals a surge in fees for non-voting transactions, signaling greater network usage and the necessity for more transaction processing. This heightened network activity underscores the expanding value and relevance of Solana’s blockchain.
Despite the promising technical indicators and on-chain data for Solana, the broader market isn’t displaying signs of excitement or euphoria yet. The current situation indicates that both Solana and cryptocurrencies as a whole are unlikely to reach their all-time highs (ATHs). Inflow rates remain below even this year’s peak levels, let alone those seen during the 2021 bull run or the historic 2017 bull market.
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2024-05-20 16:51