Solana

DappRadar

Tate

Sherpa

Time

<p>Certain <a href="https://bitcoinist.com/solana-surging-ahead-of-ethereum-in-this-metric/" rel="nofollow">on-chain indicators</a> paint a bullish picture for <a href="https://www.newsbtc.com/news/solana/solana-headed-to-100/">Solana (SOL)</a>, suggesting this may be an excellent time to purchase the crypto token. This aligns with Solana’s price movement on the chart, with technical analysts predicting that an upward trend might be on the horizon.&nbsp;</p> 
<h2 id="solana-enjoying-greater-adoption">Solana Enjoying Greater Adoption</h2> 
<p>Data from the <a href="https://bitcoinist.com/bitcoin-time-bull-market-intotheblock-explains-why/" rel="nofollow">market Intelligence platform IntoTheBlock</a> shows that the number of daily addresses on the Solana network has been growing at an impressive rate. On June 11, over 1 million new addresses transacted on the <a href="https://bitcoinist.com/solana-ethereum-altcoin-leader-bull-cycle/" rel="nofollow">Solana network</a>. This development is significant as SOL could enjoy future price surges as more new users continue to trade on the network.</p> 
<p>The massive growth enjoyed by the <a href="https://bitcoinist.com/solana-april-15-fix-network-congestion/" rel="nofollow">Solana network</a> has also translated to greater trading volume on the network, which is also bullish for the crypto token. <a href="https://dappradar.com/rankings/chains?range=24h" rel="nofollow">Data</a> from DappRadar shows that there has been a 62% increase in transaction volume on the Solana chain in the last 24 hours, with over 8.83 million transactions processed during this period.&nbsp;</p> 
<p>Interstingly, <a href="https://bitcoinist.com/solana-product-execution-ethereum-is-superior/" rel="nofollow">Solana stands tall</a> in this metric, as no other chain has processed this many transactions during this period. Solana has also processed more transactions than every other chain in the last seven days, with over 59.55 million transactions processed within this timeframe.&nbsp;</p> 
<p>The growing interest in SOL has been partly thanks to the meme coin ecosystem on the network. Solana has become the go-to platform for traders looking to make massive profits from meme coins, which have so far been the best-performing crypto assets in this bull run.&nbsp;</p> 
<p>Solana’s reputation as the home for meme coins has even attracted celebrities like <a href="https://bitcoinist.com/expert-explores-famous-stars-impact-on-crypto/" rel="nofollow">Australian rapper Iggy Azalea</a>, Caitlyn Jenner, and Andrew Tate to the network. Bearing this in mind, it only seems like a matter of time before Solana’s price reacts positively to its network growth and ever-increasing network activity.&nbsp;</p> 
<h2 id="time-to-buy-sol">Time To Buy SOL?</h2> 
<p><a href="https://bitcoinist.com/shiba-inu-flip-dogecoin-shib/" rel="nofollow">Crypto analyst Altcoin Sherpa</a> suggested that now might be a good time to buy Solana ahead of the meteoric price rally, which it could enjoy soon enough. The analyst <a href="https://x.com/AltcoinSherpa/status/1800857329828835644" rel="nofollow">said</a> he expects “bigger things” for SOL later this year. For now, he expects Solana to keep chopping between $185 and $120 and just continue to witness a “prolonged <a href="https://bitcoinist.com/bitcoins-consolidation-phase-hits-record-duration/#:~:text=Also%2C%20in%202020%2C%20BTC%20witnessed,before%20regaining%20its%20upward%20momentum.&amp;text=Meanwhile%2C%20in%20this%20current%20cycle,durations%20of%20previous%20consolidation%20phases." rel="nofollow">period of consolidation</a>.”</p> 
<img loading="lazy" decoding="async" class="wp-image-624458 size-medium" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_50b73d.png?w=460&amp;resize=460%2C263" alt="Solana" width="460" height="263" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_50b73d.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/06/Solana_50b73d.png?w=460&amp;resize=460%2C263 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
<p>This period of consolidation is usually a good time for investors to accumulate the crypto token, considering that coins typically enjoy a <a href="https://www.newsbtc.com/bitcoin-news/parabolic-rally-in-the-making-bitcoin-regains-70000-as-traders-paper-profits-collapse-to-3/">parabolic uptrend</a> after consolidating for a while. Meanwhile, Altcoin Sherpa claimed that this period of consolidation is healthy for Solana, given the huge run it has already had, rising to a yearly high of $209 on March 18. As to how Solana can rise, Altcoin Sherpa <a href="https://www.newsbtc.com/news/solana/solana-projected-to-reach-500-this-year-despite-market-meltdown-expert-predicts/">previously predicted</a> that the crypto token will rise above $500 this year.&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/FbADFyAi/" alt="Solana price chart from Tradingview.com" width="3286" height="1576"> 
<p>&nbsp;</p>

Solana On-Chain Indicators Suggests A Return Of Bullish Sentiment, Is It Time To Buy SOL?

Table of Contents

NewsBTC

Other articles published on Jun 13, 2024

South Korean Court Upholds Sentences for Coinone Executives

Itaú Unibanco,Brazil’s Largest Bank Expands Crypto Trading to All Users

Bitcoin Bullish Pennant Signals Potential Breakout to New All-Time High: Report

Top Cryptos That Could Make You a Millionaire in 2024

Experts Examine Russia’s Financial Struggles

Lido Staked Ether Decreases More Than 3% Within 24 hours

Join our free newsletter for daily crypto updates!