Blockchain News

Solana’s Latest Surge Can Kickoff a Bullish Wave — Will SOL Get Up to Speed?

Even though Solana [SOL] has received criticism for several network outages, it hasn’t let that stop it from progressing in terms of technological advancement.

The general activity on Solana began to increase due to this and many other things. The number of daily active addresses on Solana has significantly increased by 150,000 over the last 24 hours, according to Step statistics Insights’ statistics.

This event supports the 30-day upswing in Solana’s activity and contrasts the downward trend seen on Polygon and Ethereum over the same time frame. Solana was also seen to be succeeding in the DeFi sector. According to Artemis’ analysis, Solana had a massive uptick in stablecoin growth. In this way, the Solana protocol was able to surpass important cryptographic rivals.

Additionally, Solana’s total DEX volume rose. This resulted from the attention generated by well-known DEXs on the Solana protocol, including Saber. Data from Dapp Radar showed that Saber increased the number of unique active wallets on its platform by 61.14% over the previous week.

The Solana network’s TVL also saw a significant increase as a result of the DEXs’ successful performance. During this time, Stakers also showed their confidence in the Solana network. Recent information from Staking Rewards shows that during the last week, there were 2.99% more addresses staking Solana. At the time of publication, there were 608,394 total stakeholder accounts on the Solana network.

However, addresses didn’t exhibit the same zeal while purchasing SOL. After testing the $26.03 barrier on April 17, the price of Solana dropped 16.08% since then. Later, Solana’s price fluctuated between $24.05 and $20.77, with the point of control line (red) showing that the bulk of volume was at the $22.24 price level. Future price fluctuations for Solana may encounter resistance from this line.

At the time of publication, Solana’s Relative Strength Index (RSI) was at 48.40 and gradually rose, indicating that the stock may be somewhat underbought.


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