Solana’s blockchain is surging, signaling a potential breakthrough in the crypto market. Total value locked has skyrocketed, while transaction volumes hit record levels. DeFi protocols are gaining traction, positioning Solana as a formidable player in the digital asset landscape.
A tweet by 3σ (@tri_sigma_) highlighted the network’s rapid expansion, pointing to record-breaking numbers in trading activity and user engagement. With SOL’s price approaching its previous peak of $294.33, can it push even higher?
Solana’s (@solana) TVL explodes 600% in 12 months, hitting $9.77B. Memecoins like $TRUMP are fueling massive volume—$11B since launch—while @RaydiumProtocol leads with $2.59B locked. 300M daily transactions, 4M active users, and $33M in fees signal Solana’s DeFi is maturing.…
— 3σ (@tri_sigma_) January 23, 2025
What you'll learn 👉
Metrics Show Solana’s Massive Growth
According to 3σ, memecoins like $TRUMP have fueled a trading frenzy, contributing over $11 billion in volume since launch. Meanwhile, Raydium Protocol leads the charge in DeFi, boasting $2.59 billion in locked assets. These metrics highlight a maturing ecosystem with strong user engagement.
Beyond raw transaction numbers, Solana has also seen a surge in network activity. With 4 million active users, the blockchain continues to cement itself as a major player in DeFi. The rapid increase in fees collected further highlights rising demand, a bullish sign for long-term growth.
SOL’s Price Chart Signals a Strong Uptrend
Solana’s price action reflects its strong fundamentals. Valued around $259.36 at press time, SOL remains on an upward trajectory after rebounding from recent consolidation. Key technical indicators suggest the momentum could continue.
The 200-day EMA, currently at $184.66, has acted as a crucial support level. Additionally, the RSI sits at 66.43, indicating bullish conditions without being overbought. However, Bollinger Bands suggest caution, as SOL pushes toward the upper range.
Key Levels to Watch as SOL Eyes ATH
The next critical resistance stands at $290-$294, the previous all-time high. A decisive breakout above this zone could propel SOL into price discovery mode, with $320-$350 as potential targets.
However, failure to break through may lead to a pullback toward the $220-$230 range. A surge in volume near $270-$280 would validate bullish momentum. Traders are watching to see if SOL can sustain its rally or face temporary rejection.
Read also: Could ONDO Hit $3 Soon? ONDO Price Prediction
Is a New SOL ATH Imminent?
The foundations of Solana are still strong, and its ecosystem is growing. Bullish technical indications, increasing network activity, and growing TVL all point to the possibility of a new all-time high.
SOL might soon surpass $294 and establish new records if general market circumstances continue to be positive. Ethereum may need to take notice—Solana’s DeFi scene is proving its strength.
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