Solana

Hope

Bitcoin

Strong

<ul> 
 <li>Solana hits a three-month high and outperforms Binance Coin.</li> 
 <li>Strong on-chain metrics and growing active addresses signal robust network health.</li> 
</ul> 
Solana (SOL) has drawn significant attention from traders amid the current market upheaval, buoyed by institutional support and a pro-crypto stance among politicians. These developments have bolstered confidence in the near future, with Bitcoin recently surging past $69,000. Notably, Solana has demonstrated consistent performance, outperforming Binance Coin (<a href="https://thenewscrypto.com/binance-coin-bnb-price-prediction/" target="_blank" rel="noreferrer noopener">BNB</a>) in market cap last weekend to secure the fourth position. 
Today, Solana hit a three-month high of $193, breaking the resistance at $185. It is currently trading at $193.10, a 6% increase. However, its trading volume has decreased by 28%, currently standing at $89 million. Analysts remain bullish on Bitcoin, predicting it could surpass $240 by August. Additionally, Solana’s Total Value Locked (TVL) has been on the rise since early 2024. 
Meanwhile, Solana’s on-chain metrics also show an upward trajectory, with active addresses reaching 2 million by mid-week. Analysts believe this growth indicates a robust and expanding user base, suggesting strong network health and the potential to attract further investment. These predictions instilled hope in the community of <a href="https://thenewscrypto.com/solana-consolidates-as-bulls-strive-to-drive-price-above-200-level/" target="_blank" rel="noreferrer noopener">SOL</a> surging past $1000 at the year’s end. 
<h3 class="wp-block-heading" id="h-solana-bulls-for-the-win">Solana Bulls For The Win?</h3> 
Solana’s recent price action reflects a bullish trend, with the potential to breach the $211 resistance level and possibly test $240 soon. However, the daily Relative Strength Index (<a href="https://in.tradingview.com/chart/EJXIwxE9/?symbol=BINANCE%3ASOLUSDT" target="_blank" rel="noreferrer noopener">RSI</a>) at 63 indicates potential overbought pressure, which may lead to a correction. 
Conversely, should bears regain control, <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin</a> could retrace to $115 initially, potentially falling further to $104 in a more pronounced decline. 
<div class="wp-block-image"> 
 <figure class="aligncenter">
 <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXc75Qt2tHEOzeQ3G5suoEIeqB78BoLM89oWMt2Ptr-lKv1gE9Xnzb7yimjoN8sLQn-okXBJkSMKCkfbQgiG_CCCc6yMdyXNIWdpTIOWTMVODO-VgRPpO6tWYBsrNvuHYwiv92cz--tAZS4-FE8AtJRHjj05?key=8_v2oGfEY43-pLjyxmLjfQ" alt="">
 <figcaption class="wp-element-caption">
 SOL Price Chart, Source: Sanbase
 </figcaption>
 </figure>
</div> 
In summary, Solana’s performance amid market chaos highlights its resilience and potential for further growth. With strong on-chain metrics and a bullish outlook from analysts, Solana seems well-positioned to continue its upward trajectory. However, caution is advised due to potential overbought conditions, which could lead to short-term price corrections. Investors should remain vigilant and consider market volatility when making investment decisions in Solana. 
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Solana’s Three-Month High Ignites Renewed Investors’ Hope

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TheNewsCrypto

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