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The Solana network is experiencing a surge in activity that has led to record-breaking statistics, potentially setting the stage for a substantial price surge. Daily network fees have soared to $3.8 million, securing a staggering 754% increase within a month. Trading volumes on DEX within the network have also hit new heights, reaching over $3.8 billion, up 430% from the previous month.
Solana has also surpassed 1.8 million daily active addresses, a level not seen since September 2021. Remarkably, a single day brought in 870,000 new daily active addresses, smashing previous records and demonstrating a month-over-month growth of 110%.
An analysis of Solana's chart reveals a bullish trend. The price has recently moved above the $200 threshold, with an increase in trading volume that supports the uptrend. Key price levels to watch include the recent resistance-turned-support at $149, where the 50-day moving average lies.
This moving average has served as a dynamic support level, below which the 100-day and 200-day moving averages trail at approximately $123 and $85, respectively, providing additional layers of potential support.
The RSI, though slightly receding from overbought territory, indicates that the price might consolidate before attempting another push upward. If Solana maintains its current trajectory and stays above the critical $149 support level, the token may test previous resistance levels. A sustained increase in network fees and user activity can often precede and support a continued rise in token value, potentially propelling Solana toward a new all-time high.
As the Solana ecosystem gains more traction amid the meme coin craze, its token's value may strengthen, potentially attracting more investors and leading to a self-reinforcing cycle of appreciation.
If Solana secures current levels of activity and avoids technical setbacks, the token will be in an exceptional position and regain values we saw back in 2021.
Alex Dovbnya
