The Solana blockchain has been showing signs of increased activity, catching the attention of analysts. This surge in on-chain metrics comes alongside a bullish price prediction from a well-known crypto expert, suggesting a potential upside for SOL in the near future.
What you'll learn 👉
Crypto Rover Predicts a Breakout and Rally
Crypto Rover, a respected analyst with over 750,000 followers, has shared an optimistic outlook for Solana’s native token, SOL. In a post on X, Crypto Rover stated, “$SOL is ready for the next push higher.”
The expert’s analysis indicates that SOL’s price is currently trading within a compressing triangle pattern, hinting at an imminent breakout. With the price hovering around $150, Crypto Rover anticipates a bounce from this level, potentially leading to a break above the triangle’s upper boundary.
Based on this technical analysis, the prominent trader suggests that SOL could experience a significant price surge, potentially reaching as high as $300. This forecast represents a considerable upside from current levels and has sparked interest among Solana enthusiasts and investors alike.
On-Chain Analytics Show Rising Metrics
Supporting the bullish sentiment, recent on-chain data from Solscan reveals growing activity on the Solana network. Key metrics have shown positive trends, indicating increased adoption and usage of the blockchain.
One notable metric is the number of blocks created on Solana, which has seen a slight increase compared to previous data. This growth in block creation suggests a higher level of transaction activity and network utilization.
Additionally, the number of active wallets on the Solana network has been steadily rising. From June 11 to June 12, the count of active wallets grew from 1,171,880 to 1,232,654, representing an increase of over 60,000 wallets in just one day.
What Does This Mean for Solana?
The increase in active wallets is a particularly encouraging sign for Solana’s ecosystem. A growing number of active wallets typically indicates:
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Read Also: Pro-Ripple Lawyer Provides an Update on SEC Case – XRP Price Plunges
- Increased user adoption: More individuals and entities are engaging with the Solana blockchain, suggesting growing interest and trust in the network.
- Higher network activity: As more wallets become active, it often translates to increased transactions, smart contract interactions, and overall network usage.
- Potential for price appreciation: Growing adoption and usage can lead to increased demand for SOL tokens, potentially supporting price growth.
- Ecosystem expansion: A larger user base can attract more developers and projects to build on Solana, further strengthening its position in the crypto space.
While these on-chain metrics and price predictions paint an optimistic picture for Solana, it’s important o your own research (DYOR) before making any investment decision.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
