Solana

Block

April

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/solanas-price-surge-and-market-dynamics/" data-wpel-link="internal">Solana’s Price Surge and Market Dynamics</a> 
Solana price increased today due to the moderate recovery in the broader cryptocurrency market. The recovery in <a href="https://en.coin-turk.com/solanas-trend-reversal-a-decline-in-momentum/" data-wpel-link="internal">SOL</a> price follows <a href="https://en.coin-turk.com/7rcc-applies-for-a-bitcoin-and-carbon-credit-futures-etf/" data-wpel-link="internal">Bitcoin</a>‘s halving event and the easing of geopolitical tensions in the Middle East. Data from TradingView reveals that SOL price has risen about 4% in the last 24 hours and 32.6% from the local low of around $120 a week ago to $159. 
<h2 class="p1" style="text-align: justify" id="what-s-happening-on-the-solana-front">What’s Happening on the Solana Front?</h2> 
Solana has performed well in recent months; it has increased by more than 88% in the last six months and by more than 56% since the beginning of the year. With a market value of $70.6 billion, Solana stands out as the fifth largest cryptocurrency by market value. The Solana network continues to be a force to be reckoned with in the Layer-1 space. Data from the blockchain data analytics platform Artemis shows that Solana’s main Layer-1 and Layer-2 networks account for more than 30% of daily transactions. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-343917 size-full" src="https://coin-turk.com/wp-content/uploads/2024/04/artemis.webp" alt="" width="1474" height="766"> 
Solana’s high transaction activity is performing better in terms of transaction fees compared to other top Layer-1 protocols. Analysts at The Block Pro commented: 
<blockquote> 
 “Solana has emerged as the leading platform in on-chain financial activities and total transaction fees have approximately doubled. During this process, Solana has surpassed <a href="https://en.coin-turk.com/cryptocurrency-tug-of-war-bitcoin-ethereum-binance-coin-and-ripple-current-overview/" data-wpel-link="internal">BNB</a> Chain and Tron.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-343916 size-full" src="https://coin-turk.com/wp-content/uploads/2024/04/the-block-pro.webp" alt="" width="1199" height="516"> 
Another data used to measure the performance of a blockchain network is the total value locked (TVL) in its smart contracts. Data from the blockchain data analytics platform DefiLlama shows that Solana’s TVL increased from $3.36 billion on April 18 to $4.02 billion on April 23, indicating a 19% increase in the last seven days. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-343915 size-full" src="https://coin-turk.com/wp-content/uploads/2024/04/solana.webp" alt="" width="2178" height="1007"> 
<h2 class="p1" style="text-align: justify" id="solana-chart-analysis">Solana Chart Analysis</h2> 
Solana price rise on April 23 is part of the ongoing recovery trend that began after the cryptocurrency found support in the $130 demand area on April 17. This upward trajectory saw SOL price regain a significant support level provided by the 50-day exponential moving average. 
While the movement is not yet definitive, a daily candle close above this level could indicate the bulls’ ability to sustain the recovery. Particularly, the MACD’s cross on April 23 is seen as a buy signal, suggesting that the asset may be undervalued and ready for recovery. 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-343914 size-full" src="https://coin-turk.com/wp-content/uploads/2024/04/sol-grafik-1.webp" alt="" width="2144" height="1345"> 
If this is the case, the SOL/USD pair is expected to see a 28% recovery towards the neckline of the “V” shaped recovery chart pattern around $202 in the next few days. Conversely, staying below the 50-day EMA could increase the risk of a correction towards the 100-day EMA support at $139 or the bottom of the management chart model at $125. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/solanas-price-surge-and-market-dynamics/" data-wpel-link="internal">Solana’s Price Surge and Market Dynamics</a></h5>

Solana’s Price Surge and Market Dynamics

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