The network has seen a remarkable uptick in usage, and many are wondering if this surge will help SOL reach that sweet $200 level.
Fundamental metrics on fire
Over the past week, Solana jumped 7%, and it’s up 16% over the last two weeks, trading at around $165 right now.
While the overall positive vibe in the crypto market helped boost SOL’s price, it’s really the growth of the Solana network that’s been a key player in this recovery.
The number of daily active addresses on Solana is hitting all-time highs, what means more people are trading SOL or using decentralized applications on the blockchain.
And guess what? Daily revenues on Solana have recently spiked to $2 million—the highest level we’ve seen in six months! That’s a clear sign that demand for the network is on the rise.
Can Solana overtake Tron in DeFi?
Tricky question, tbh. One area where Solana is really shining is in DeFi. DeFiLlama’s data shows that Solana’s Total Value Locked reached a 34-month high of $6.48 billion.
Tron is sitting at $6.94 billion. If Solana keeps this momentum going, it might just flip Tron and become the second-largest blockchain by TVL.
Solana’s DeFi revenues are also at their highest since March, which is another indication of increased usage.
When a blockchain network grows like this, it often signals a bullish trend that could lead to price rallies.
Technical indicators FTW!
Now, let’s talk about some technical indicators that are giving us good vibes about SOL’s future.
Right now, SOL is about 36% away from its all-time highs, but several bullish signs suggest it could break through that $200 barrier soon.
On the one-day chart, Solana is trading within an ascending parallel channel, confirming that a bullish trend is in play.
There’s some resistance at the upper trendline, meaning sellers have been cashing in when SOL gets close to this level.
The Chaikin Money Flow is looking good too—it’s positive and has made a sharp upward move.
This indicates strong bullish momentum as money flows into Solana. Plus, the Average Directional Index is also climbing, showing that the upside trend is gaining strength.
With all these positive signals aligning, SOL could be eyeing its next resistance level at $171. If it breaks through that barrier, we might see even more gains ahead. Can we do a $200? Who knows?
