Solana is increasingly favored by investors as the altcoin market heats up and shows significant price gains. Recently, Solana crossed the $200 mark, setting a new high.
Solana’s Price Surge Amid Market Changes
Recently, Solana's price has seen a substantial increase, crossing the $200 threshold and reaching a three-year peak at $225.21. This surge is driven by positive trends in the cryptocurrency market and increased demand for the Layer 1 blockchain network. Over the past week, Solana's price surged by 38%, notably exceeding Bitcoin’s 27% rise in the same period.
On-chain Metrics Challenges
Despite the price surge, on-chain data reflects a bearish trend with a decline in active and new addresses. The count for active addresses decreased from 5.6 million to 4.9 million in the past week, and new addresses fell from 5.5 million to 5 million.
Future Prospects for SOL Price
According to the MV Global survey, 33% of investors expect Solana’s price to surpass $600 in this cycle, while 23.2% see $600 as its ceiling. Optimistic forecasts suggest reaching $260 if $210 can be solidified as new support. Meanwhile, bears might attempt to push the price below the $188 support level.
With its remarkable popularity and optimistic future forecasts, Solana continues to attract investor attention. Despite declining on-chain activity, the positive outlook persists, highlighting the potential role of the network in future developments.
