Following an impressive breakout last week, Solana (SOL), a rapidly developing platform, has strengthened its market position, demonstrating positive dynamics.

Market Overview

Solana, one of the leading altcoins, is showing steady growth. With a fully diluted valuation of about $98 billion and a daily average traded volume of around $4.6 billion, the platform continues to attract investor attention.

Technical Analysis

At the time of writing, the SOL price is trading around $168, 35 percent below its all-time high. Consistent closing above the July peak of about $190 is needed to prevent a retrace to the support level around $120.

Factors Driving Growth

Solana's development is supported by an active community of developers and investors. The network counts about 2,223 validators and has processed over 330 billion transactions. In the last 24 hours, the number of active addresses reached 7.6 million. The popularity of Solana's services, including staking, has led to an increase in total value locked to $6.41 billion, while Solana's stablecoins market cap has reached $3.58 billion.

Solana is steadily strengthening its market position thanks to active community support and high growth indicators of popular products.