๐๐๐ #Solana๐ (SOL) Breaks Through Key Resistance, Analyst Forecasts $250 Price Target
Solana (SOL) has surged over 9% in the past 24 hours, outpacing even the top 10 largest #cryptocurrencies by market capitalization.
Breaking past its resistance level at $184, SOL now faces the final hurdle at $201 before potentially seeing further gains.
Analysts foresee a continuation towards SOL's previous all-time high of $259, reached in November 2021.
One analyst predicts SOL could surpass $250 by summer, citing successful conversion of resistance into support.
Another analyst notes SOL's consolidation within a symmetrical triangle pattern on the daily timeframe, anticipating an "explosive" price movement towards $255 upon breakout.
CoinGecko data shows a substantial surge in SOL trading volume, up by 74.20% in the last 24 hours, indicating heightened market activity.
Solana's metrics from Token Terminal reflect increasing adoption and use, with fully diluted market capitalization up by 70.0% in the past 30 days, and circulating market cap witnessing a 71.3% growth.
Transaction fees on the Solana network surged by 220.7% over the past month, alongside positive revenue growth reaching $25.73 million in 30 days.
While SOL's #bullish momentum and metrics indicate promising prospects, its ability to sustain trajectory towards previous all-time highs remains to be seen.
Source - newsbtc.com
