In recent days, Solana's price has shown significant growth, reaching $240.47. This comes amid a drop in trading volumes and increased fees for Solana-based applications.
Current Situation with Solana
As of 02:32 a.m. EST, Solana's price surged by 16% over the past week and 2.5% in the past 24 hours. Despite a 13% decrease in trading volume to $10.2 billion, the price growth is supported by record fees for Solana-based applications.
Chart and Technological Analysis
The analysis of the SOL/USD chart on the 4-hour timeframe shows a clear bullish trend. The current price is above both 50-day and 200-day Simple Moving Averages, indicating a positive trajectory. However, the Relative Strength Index (RSI) is nearing the overbought zone, which might signal potential correction.
Alternatives and New Projects
Among new projects, Flockerz (FLOCK) stands out — a meme coin that offers an innovative Vote-to-Earn mechanism. This project allows token holders to vote on strategic decisions of the platform while earning FLOCK rewards.
The continuous rise of Solana's price, coupled with positive technical indicators and revolutionary new projects, indicates high activity and interest in the cryptocurrency sphere.
