🔥 Solana Price Pattern Points to a 65% Surge as Key Metric Beats Ethereum by Far
Solana price remains in a tight range at a crucial support level even as most altcoins drop. This price, which is its make-or-break level, points to a potential comeback as the number of transactions in the network, and the DEX volume soars. 🔸 #Solana Price Could be Supported by Transaction Count that Beats Ethereum Solana has been criticized in the past few months because of the prevalence of meme coins and rug-pull scams in its platform. Indeed, data by CoinGecko shows that all Solana meme coins now have a market cap of under $7 billion, down from $30 billion earlier this year Still, there are signs that the Solana network is doing well. One bullish factor is that it still leads in terms of the number of transactions in its ecosystem. Data shows that its transaction count in the last seven days stood at 334.8 million, which helped its fees to rise by 17% to $6.25 million. Solana also has over 24.52 million addresses In contrast, Ethereum handled 8.37 million transactions in the last seven days, and made fees worth $4.16 million. It had less than 2 million active accounts in this period. This performance is a sign that the Solana network is still doing much better than Ethereum despite its challenges. 🔸 #SOL Price Technical Analysis as it Sits at a Make-or-Break Point The daily chart shows that the Solana price may be about to make a strong bullish breakout if the current support level holds. It has failed to move below $119 at least seven times since April last year, a sign that short sellers are afraid of shorting below this level. It has historically bounced back by double digits whenever it dropped to this support point Solana price has formed a small double-bottom pattern at $119.75, and its neckline is at $146.80, its highest point on March 25. Most importantly, it has retested the descending trendline that connects the highest levels since January 30. This trendline is the upper side of the falling wedge pattern, a popular bullish reversal sign.
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
🔥 Solana Price Pattern Points to a 65% Surge as Key Metric Beats Ethereum by Far
Solana price remains in a tight range at a crucial support level even as most altcoins drop. This price, which is its make-or-break level, points to a potential comeback as the number of transactions in the network, and the DEX volume soars.
🔸 #Solana Price Could be Supported by Transaction Count that Beats Ethereum
Solana has been criticized in the past few months because of the prevalence of meme coins and rug-pull scams in its platform. Indeed, data by CoinGecko shows that all Solana meme coins now have a market cap of under $7 billion, down from $30 billion earlier this year
Still, there are signs that the Solana network is doing well. One bullish factor is that it still leads in terms of the number of transactions in its ecosystem. Data shows that its transaction count in the last seven days stood at 334.8 million, which helped its fees to rise by 17% to $6.25 million. Solana also has over 24.52 million addresses
In contrast, Ethereum handled 8.37 million transactions in the last seven days, and made fees worth $4.16 million. It had less than 2 million active accounts in this period. This performance is a sign that the Solana network is still doing much better than Ethereum despite its challenges.
🔸 #SOL Price Technical Analysis as it Sits at a Make-or-Break Point
The daily chart shows that the Solana price may be about to make a strong bullish breakout if the current support level holds. It has failed to move below $119 at least seven times since April last year, a sign that short sellers are afraid of shorting below this level. It has historically bounced back by double digits whenever it dropped to this support point
Solana price has formed a small double-bottom pattern at $119.75, and its neckline is at $146.80, its highest point on March 25. Most importantly, it has retested the descending trendline that connects the highest levels since January 30. This trendline is the upper side of the falling wedge pattern, a popular bullish reversal sign.