Solana Price Prediction as SOL Blasts Through Resistance at $47.50 – $100 SOL Incoming?
The price of Solana (SOL), the cryptocurrency that powers the high-performance, smart-contract-enabled Solana layer 1 blockchain protocol, continues to melt higher on Saturday, taking its rally since the start of the week 44% as the price tests $60.
SOL/USD was last changing hands around $59.5, up around 5% on the day, though the cryptocurrency has pulled back around 7% from earlier session highs in the $64 area.
Solana’s price pump comes following its decisive break to the north of summer 2022 highs in the $47.50 area earlier in the week, and as optimism about spot Bitcoin ETFs and now also spot Ethereum ETFs reaches a boiling port.
But Solana isn’t just following the broader market trend.
Up nearly 50% in 30 days the last days as per CoinMarketCap, Solana (SOL) is leading the crypto rally as the best performer in the top 20 by market capitalization.
Various Solana-specific indicators suggest sentiment is drastically ramping up and that institutions are taking interest.
On-chain metrics suggest that activity on the Solana network is heating up.
As per data presented by The Block, the number of active addresses on the Solana network has been trending higher in recent weeks, last reaching around 270,000 on average over the past seven days after hitting all-time lows under 200,000 in September.
Meanwhile, according to DeFi Llama, the total dollar-denominated value of crypto locked in smart contracts on the Solana blockchain, or Solana’s TVL, has surged to over $2.1 billion, its highest level since October 2022, prior to the collapse of Sam Bankman-Fried’s FTX/Alameda empire, where Alameda had acted as a key provider of liquidity to the network.
Elsewhere, various indicators give an insight into the sentiment of institutional/more
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