Solana Price Prediction: Is $200 Within Reach for SOL?

The post Solana Price Prediction: Is $200 Within Reach for SOL? appeared first on Coinpedia Fintech News

After an impressive breakout last week, Solana (SOL), a fast-growing layer one (L1) chain with dozens of decentralized financial (DeFi) protocols, has gradually gained bullish momentum. The large-cap altcoin, with a fully diluted valuation of about $98 billion and a daily average traded volume of around $4.6 billion, has retested the support/resistance level above $161 and signaled potential uproar soon.

Trading around $168 at the time of this writing, the SOL price is only 35 percent away from its all-time high (ATH). From a technical standpoint, Solana’s price must consistently close above the July 2024 peak, of about $190, to invalidate possible retrace to the support level of around $120, which has been established in the past seven months of consolidation.

Why Solana Bulls Remains Undefeated 

At the heart of the Solana network is the vibrant online community of developers and investors. With around 2,223 validators, the Solana network has scaled to over 330 billion transactions since its inception. In the last 24 hours, the Solana network registered over 7.6 million active addresses, compared to about 350k on the Ethereum (ETH) network.

Amid the rising demand for Solana’s products including its staking services, the total value locked (TVL) has rallied to a multi-year high of about $6.41 billion. Additionally, Solana’s stablecoins market cap has surged over $3.58 billion.

The notable rise in Solana DeFi activity is majorly attributed to the meme coin market, which has a valuation of around $11.2 billion and a daily average traded volume of about $2.6 billion.