Solana (SOL) Breaks Old Price Patterns, Eyes Further Price Surge as Network Usage Grows

According to analysts Rekt Capital and Jacob Canfield, Solana is displaying bullish technical and on-chain signals that could propel further upside for the $SOL token. Unlike previous cycles, Solana is consolidating differently after sharp gains, while increased network activity looks primed to drive new demand.

Breaking Old Consolidation Patterns

As Rekt Capital highlighted recently, “$SOL Solana is doing something completely different at these price levels compared to previous rejections in 2021 and 2022.” Based on the chart, Solana has spike up sharply in value recently before consolidating.

But unlike past market cycles, Solana is holding support above previous resistance levels and consolidation ranges. As the additional analysis added: “Solana is not consolidating below the Critical price levels in which it consolidated on 2021 and 2022.”

This unique price action for $SOL could signal bullish continuation ahead thanks to shifting market dynamics.

Demand Growing Across Solana Ecosystem

Jacob Canfield notes one factor driving renewed Solana adoption – increased incentives and airdrops rewarding participation:

“The thesis for $SOL continuing higher is very simple. The network effect of seeing all these people getting 5-6 figure air drops will result in a significant number of people buying $SOL and bringing assets over to farm the air drops.”

As more users interact with Solana dApps to capitalize on airdrops and DeFi opportunities, demand for the underlying $SOL token naturally increases. With fixed token supply, rising utility should translate to appreciating prices over the long-term.

Read also:

So with Solana breaking out of previous consolidation ranges, alongside accelerating on-chain activity, analysts like Jacob Canfield and Rekt Capital argue the top blockchain has room to continue surging.

Check $RECQ Meme Coin

Sponsored: Invest Responsibly, Do Your Own Research.
Serves as the base currency for all transactions within the Rebel Satoshi platform
ICO stage, offering tokens at a discounted price
Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions.
Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade,
Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.


Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.