For Solana’s price to confirm a long-term bullish trend, it must consistently stay above the key resistance level of $190 in the short term.
Solana has experienced the most significant gains among the top-tier altcoins amid the anticipated crypto bullish breakout, as Bitcoin indicates a potential rally in the near term. The large-cap altcoin, which has a daily average traded volume of over $3.6 billion and a fully diluted valuation of approximately $104 billion, has experienced a 15 percent increase in the past two weeks. On Monday, October 28, during the early New York session, it was trading at approximately $177.
SOL price has achieved a weekly close above the critical resistance level of $161 for the first time since late July, indicating the resurgence of bullish sentiment. Nevertheless, to disprove the possibility of a market reversal, the altcoin must maintain a weekly close above the peak of approximately $187 in July.
In the event of a potential crypto selloff before the end of the year, the Solana price will encounter a strong support level above $120.
Additionally, the SOL price has repeatedly rebounded from the support level above $120 since the crypto consolidation commenced in March.
Top Factors Contributing to the Increase in Solana Prices
As previously reported, the Solana network has emerged as a leading tokenization platform. The Solana network has a total value locked (TVL) of over $6.2 billion and a stablecoins market cap of over $3.7 billion, as the most recent on-chain data indicates.
In contrast, the Ethereum network has a stablecoins market cap of nearly $84 billion and a TVL of over $48 billion. Nevertheless, the Solana network has recently surpassed the Ethereum network regarding on-chain activity.
The Solana network registered over 4.1 million daily active addresses on the top list, while the Ethereum network reported approximately 303k. Intriguingly, both networks have registered a daily revenue of roughly $1.3 million in the past 24 hours. This suggests that Ethereum is more expensive than Solana despite the former’s remarkable growth in layer two scaling solutions.
Despite operating solely on the Solana network, the Raydium Protocol has overtaken the Uniswap (UNI) platform in daily DEX volume. Solana’s Liquid Staking Tokens (LSTs) have achieved a new all-time high of $5 billion in total market capitalization.
With more than 59k users, the Solana network has outperformed the combined performance of Ethereum and Polygon in the NFT sector. Most significantly, the Solana network has outperformed other altcoins regarding weekly cash inflows. According to CoinShares data, SOL has received over $10 million in cash inflows, while Ethereum and Cardano have experienced significant cash outflows.
The Solana network has experienced substantial growth in the meme coin sector, with a daily average traded volume of approximately $2.6 billion and a meme space valued at over $11.3 billion.
