Solana (SOL) is emerging as a standout player in the blockchain world. It’s focused on making smart contracts scalable, and in recent months, it’s been gaining momentum, gearing up for what could be a remarkable surge. With a valuation of around $109 billion, Solana seems poised for a breakthrough to reach a new all-time high (ATH).
Recent data from the crypto market shows that SOL’s price is getting closer to its ATH, currently hovering at about $190 during the mid-London session, just 26 percent away from its peak.
The Solana network has grown to a major web3 hub with about $4.8 billion in total value locked (TVL) and nearly $3 billion in stablecoins market cap. Despite the Ethereum (ETH) network remaining the undisputed web3 leader, the Solana network has recorded heightened on-chain activity emanating from its DeFi protocols.
A deeper dive into Solana’s on-chain activity reveals a thriving ecosystem. Market data from Defillama indicates an average trading volume of around $1.2 billion within Solana’s web3 ecosystem, highlighting its growing importance in the crypto world.
Meme Mania All Around!
Driving this surge in on-chain activity is the frenzy around meme coins like dogwifhat (WIF), Bonk (BONK), and cat in a dogs world (MEW). These meme coins have injected over $45 million in SOL liquidity, further boosting Solana’s momentum.
As March came to a positive close, Solana bulls are feeling optimistic about the weeks ahead. Analysis of weekly and daily time frames reveals an ascending triangle in SOL’s price against the US dollar, suggesting a potential bullish breakout.
What Next?
If SOL manages to break the resistance at $205, it could trigger a rally towards the liquidity range between $218 and $230. This critical point aligns with the 0.5 and 0.618 daily Fibonacci Extension levels, indicating the potential for a bullish surge.
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