Token

Solana

Solana (SOL) has experienced a notable resurgence in its bullish momentum, with a rebound of over 9% in the past 24 hours. This notable performance has outpaced the<a href="https://www.newsbtc.com/news/solana/leading-the-pack-solana-captures-nearly-50-of-global-crypto-attention/" target="_blank" rel="noopener "> top 10</a> largest cryptocurrencies in terms of market capitalization. 
The latest surge in SOL’s price has allowed it to surpass its resistance level on the daily chart at $184. The remaining hurdle of $201 now stands as the final barrier to prevent further gains for the cryptocurrency.&nbsp; 
However, industry experts and crypto analysts suggest that SOL’s price action indicates a potential continuation towards its previous all-time high of $259, achieved during the market’s bullish run in November 2021. 
<h2 id="sol-price-expected-to-breakout-and-target-all-time-highs">SOL&nbsp; Price Expected To Breakout And Target All-Time Highs</h2> 
One analyst, “Jelle,” <a href="https://x.com/CryptoJelleNL/status/1772177923388198984?s=20" target="_blank" rel="noopener nofollow">highlights </a>SOL’s successful transformation of the last significant resistance level into support, suggesting a positive outlook for the token’s future. The analyst predicts that the SOL price will continue to rise and potentially exceed $250 by the summer. 
Similarly, another analyst using the pseudonym Mikybull <a href="https://x.com/MikybullCrypto/status/1772256054174203997?s=20" target="_blank" rel="noopener nofollow">points out</a> that SOL is currently consolidating within a symmetrical triangle pattern on a daily timeframe.&nbsp; 
<img loading="lazy" decoding="async" class="size-large wp-image-599645" src="https://www.newsbtc.com/wp-content/uploads/2024/03/GJhQC_3WAAAQ9I1.jpeg?w=860&amp;resize=860%2C488" alt="Solana" width="860" height="488" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/GJhQC_3WAAAQ9I1.jpeg?w=1946 1946w, https://www.newsbtc.com/wp-content/uploads/2024/03/GJhQC_3WAAAQ9I1.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/GJhQC_3WAAAQ9I1.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/GJhQC_3WAAAQ9I1.jpeg?w=860&amp;resize=860%2C488 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/GJhQC_3WAAAQ9I1.jpeg?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/03/GJhQC_3WAAAQ9I1.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/03/GJhQC_3WAAAQ9I1.jpeg?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
According to the analyst, a breakout from this pattern is expected to trigger an “explosive” price movement, aiming to reach its previous <a href="https://www.newsbtc.com/news/solana/solana-whale-1000000-sol-binance-bearish/" target="_blank" rel="noopener ">all-time high levels</a> at around $255. 
Supporting SOL’s renewed bullish momentum, CoinGecko <a href="https://www.coingecko.com/en/coins/solana" target="_blank" rel="noopener nofollow">data </a>reveals a significant increase in trading volume, with $4,514,426,127 traded in the last 24 hours. This represents a 74.20% surge compared to the previous day, indicating a notable surge in market activity.&nbsp; 
<h2 id="solana-metrics-demonstrate-growing-investor-interest">Solana Metrics Demonstrate Growing Investor Interest&nbsp;</h2> 
According to <a href="https://tokenterminal.com/terminal/projects/solana" target="_blank" rel="noopener nofollow">data </a>from Token Terminal, Solana’s key metrics further highlight the use and adoption of its blockchain among investors. Starting with market capitalization, the fully diluted market capitalization is $99.32 billion. This figure represents the total market value if all tokens were in circulation. The fully diluted market capitalization over the past 30 days has increased by 70.0%.&nbsp; 
On the other hand, the <a href="https://www.newsbtc.com/news/solana/solana-ethereum-surge-200/" target="_blank" rel="noopener ">circulating market cap</a>, which only considers the tokens currently in circulation, is valued at $77.05 billion. It has witnessed a 30-day growth of 71.3%. 
<img loading="lazy" decoding="async" class="size-large wp-image-599644" src="https://www.newsbtc.com/wp-content/uploads/2024/03/Screenshot_87.jpg?w=634&amp;resize=634%2C345" alt="Solana" width="634" height="345" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/Screenshot_87.jpg?w=634&amp;resize=634%2C345 634w, https://www.newsbtc.com/wp-content/uploads/2024/03/Screenshot_87.jpg?w=460 460w" sizes="(max-width: 634px) 100vw, 634px" data-recalc-dims="1"> 
Examining fees generated through transactions on the Solana network, the 30-day fees amount to $51.46 million. This represents a notable surge of 220.7% within 30 days, highlighting increased <a href="https://www.newsbtc.com/news/solana-memecoin-presale-gone-wrong-creator-accidentally-burns-10m-whale-makes-huge-profit/" target="_blank" rel="noopener ">network usage </a>and demand. When annualized, the fees reach $626.15 million. 
In terms of revenue, Solana has seen positive growth. The 30-day revenue is $25.73 million, reflecting a significant increase of 220.7% over the past month. When annualized, the revenue amounts to $313.08 million, showing the sustainable income generation within the Solana network. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/Gwc8sKpO/" alt="Solana" width="1815" height="858"> 
It remains to be seen if these metrics and bullish momentum will sustain SOL’s path to its current all-time highs. 
Featured image from Shutterstock, chart from TradingView.com

Solana (SOL) Breaks Through Key Resistance, Analyst Forecasts $250 Price Target

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