Key Points
- Solana records its highest daily active addresses (DAA) ever—5.4 million.
- Over 40.3 million transactions were processed in a single day, outpacing major blockchains.
- Despite network growth, the SOL token remains range-bound, facing bearish pressure.
- Analysts predict a potential Solana price rally, targeting $150 in the coming weeks.
Solana has been making headlines with its latest surge in network activity. The Solana price rally is a hot topic, as the blockchain recently hit a record 5.4 million daily active addresses (DAA), marking the highest number of active participants ever recorded on the network.
This jump in DAA reflects a growing interest in Solana’s ecosystem, with more traders and developers leveraging its lightning-fast transaction speeds and low fees.
The massive increase in usage has sparked discussions about whether a Solana price rally is imminent. With over 40.3 million daily transactions, Solana has overtaken competitors like Ethereum and BNB Chain in terms of activity.
The rise in transactions is crucial for SOL holders. A surge in user participation and network utility usually correlates with an increase in token value, leading to market optimism about a potential price rally for Solana. But for now, SOL’s price remains stuck in a narrow range.
Check out more about Solana’s network scalability.
Why are so many people bullish on #solana ? Look at the logarithmic chart, it is one of the cleanest channels for large cap alts, targeting new all time highs at mid channel and possible 3000% at channel top in a parabolic move. Those who entered at 2 digits in USD terms can… pic.twitter.com/sUbGUvckLE
— Mr. A (@tcvmra) September 10, 2024
Can Solana Price Rally After Massive Transaction Volume Surge?
Despite this massive spike in network activity, the Solana price rally has yet to materialize. Over the past few weeks, the token has been trading within a tight range, unable to break through key resistance levels. So, what’s holding back the price?
The weekly chart shows that while SOL is consolidating above critical support, it’s struggling to overcome selling pressure. Technical indicators, like the MACD (Moving Average Convergence Divergence), suggest that the market is leaning bearish.
However, SOL has maintained its position above key support zones, which could indicate a potential rally once the selling pressure subsides.
Historically, strong network growth and adoption precede price rallies in blockchain ecosystems. If Solana can sustain its current momentum, many analysts believe it’s only a matter of time before the Solana price rally takes off.
The immediate price target, should a breakout occur, is around $150—a level that could spark renewed bullish sentiment.
For a deeper understanding of Solana’s ecosystem, check out this guide on Solana tokenomics.
Factors That Could Trigger the Next Solana Price Rally
Several key factors could influence the upcoming Solana price rally:
Market Sentiment: If the broader crypto market sees a resurgence, SOL could benefit from a favorable macro environment. A bullish shift in investor sentiment could push the token past resistance levels.
Network Usage: With daily transactions surpassing 40 million, sustained growth in usage could lead to a demand surge for SOL tokens, pushing the price higher.
Institutional Adoption: Large institutional players are increasingly eyeing Solana for decentralized applications (dApps) and NFTs. Increased institutional interest could serve as a strong catalyst for a Solana price rally.
Currently, SOL is hovering in the $20-$25 range, but many investors are optimistic about its potential. The massive network activity could set the stage for a strong price rally in the coming months.
