Thursday, April 18, 2024

Solana Aims For $200 As On-Chain Metrics Touch New Highs! Here’s The Next Setup For SOL Price

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As Bitcoin’s price sets its sights on surpassing $72,000, establishing new all-time highs each week, the altcoin market is witnessing a surge in momentum. Consequently, Solana (SOL) is capturing investors’ interest with its impressive gains over just one week. Furthermore, Solana’s rising uptrend has sent various on-chain metrics to reach new high levels, plunging confidence among bearish traders.

Solana Records ATH In New Addresses

In the past 24 hours, the cryptocurrency market experienced total liquidations exceeding $230 million. Of this, long positions accounted for approximately $148 million in liquidations, while short positions saw around $82 million in liquidations. Among these, Solana (SOL) faced nearly $8 million in liquidations within the same timeframe.

As the SOL price climbs past $150, there has been a noticeable uptick in on-chain activity. Recent data reveals that the number of new addresses being created on the Solana blockchain each day has hit a record high. The average daily creation of new addresses on the SOL network, calculated using a seven-day moving average, has now surpassed 718,000.

The surge in adoption metrics indicates significant genuine user engagement on the network. This points to the fact that we’re observing more than just interest; we’re on the verge of reaching new all-time highs driven by this real involvement. With Solana surpassing the daily transaction volumes of Ethereum, Arbitrum, Optimism, BNB Chain, Tron, and Avalanche combined, its rise to become one of the top three blockchains by market capitalization appears unavoidable.

Since early March, Solana has seen its transaction volumes on decentralized exchanges (DEXs) consistently exceed the $2 billion mark each day. As Bitcoin has hit new all-time highs multiple times in recent days, similar trends are expected for both Ether and Solana, triggered by capital rotations within the markets.

Sellers are attempting to initiate a downturn in Solana’s price, yet the buyers are not ready to back down easily. The minor retracement indicates a lack of selling pressure. Buyers are buying on every pullback; however, sellers defend the resistance at $155 strongly. As of writing, SOL price trades at $149, surging over 1.1% from yesterday’s rate. 

The current scenario shows a strong battle between the buyers and sellers as SOL price consolidates within $145-$150. However, the recent accumulation could entice buyers to solidify their control by driving the price over $153. Achieving this could lead to a continuation of the upward trend, potentially raising the price to $185.

On the other hand, if sellers aim to halt the upward momentum, they must quickly plunge the price below the critical level of $123. Doing so could trigger increased selling, potentially leading to a decline towards the crucial support zone of $90-$110. However, this level will likely be defended by buyers strongly. 

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Shayan Chowdhury

Shayan is a digital nomad and a professional journalist. He delivers high-quality engaging articles to Coinpedia through his in-depth research and analysis.

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