Solana (SOL) is attracting analysts' attention due to potential growth, while declining network activity raises questions about the stability of this trend.
Technical Figures with Strong Bullish Potential
The recent surge in Solana's price is no coincidence. The weekly SOL chart displays a notably bullish 'megaphone' formation, often a precursor to parabolic moves. Analysts believe that the price could reach $1,000, an increase of nearly 400% from current levels. Another pattern observed is the 'cup-and-handle', which reinforces the hypothesis of a continued rally.
Speculative Enthusiasm Amid Declining Network Activity
Despite the favorable technical context, the fundamental data regarding Solana's network raises concerns. The open interest on SOL futures is $13.68 billion, reflecting strong speculative enthusiasm among investors. However, over the last 30 days, the total number of transactions on the Solana network has dropped by 99%, with the number of active addresses declining by 22%. There is a similar trend in decentralized finance (DeFi), where weekly volumes on Solana's DEXs have fallen by 65%.
Conclusion: Opportunities and Challenges for Solana
Despite current financial enthusiasm, the weakness in historic network activity raises questions about the sustainability of the current trend. If fundamental data stops deteriorating and aligns with price expectations, Solana could reach new heights, requiring a reassessment of its strategic position within the cryptocurrency ecosystem.
Solana stands at the crossroads between ambitious forecasts and real challenges. The question of whether it can maintain current levels remains open.
