Solana shows significant growth, reaching a price of $167 amidst high market activity and increasing trading volumes. Let's explore the key points of this rally.
Solana Rally: Key Metrics
Solana demonstrates impressive growth, reaching $167 this week—the highest since late May. The 24-hour trading volume exceeded $6.17 billion, indicating strong investor interest. Over the last week, the number of transactions on the Solana network increased by 32%, totaling 590 million.
Growth of the Ecosystem and Investor Activity
The increase in activity on the platform also affected addresses. The number of active addresses grew by 5.3%, reaching 24.3 million, while transaction fees rose by 44% to $7.6 million. The Solana ecosystem showed excellent performance, especially among meme coins, with a total market capitalization increasing to $12.4 billion from April.
Technical Analysis and Predictions
The chart shows that Solana's price bottomed at $94.3 in April and has since increased significantly. The price broke above the 50-day and 200-day moving averages. The current level suggests that the price may continue to rise with a target of $187, and a breakout above this level could lead to a move to the resistance level at $200.
Solana has once again captured attention, becoming one of the leading cryptocurrencies in the market. The increased activity of participants and positive technical indicators may contribute to further growth and strengthening of the network's position.
