Solana Surpasses 400B Transactions, SOL Price at Crossroads
Solana Network Hits 400 Billion Transactions
Solana (SOL) recently crossed a major milestone: 400 billion total transactions. This follows a price surge above $150, its highest point since early March. While on-chain activity remains robust, with decentralized exchange (DEX) volume soaring 44% to $21 billion in the past week, momentum indicators suggest a potential shift.
Since its January 2023 low of $9.98, SOL has seen a remarkable 1412% rally. The Solana ecosystem is also thriving, with protocols like Raydium, Meteora, Jupiter, and Jito generating millions in monthly revenue. Pump alone generated over $75 million in fees last month.
Solana Transactions Data. Source: Solscan.
Cooling Momentum: RSI and EMA Analysis
Solana's Relative Strength Index (RSI) has dropped to 50.61 from a recent high of 70.52, indicating cooling bullish momentum. The narrowing gap between short-term and long-term EMAs further supports this observation. An RSI above 70 typically signifies overbought conditions, while below 30 suggests oversold conditions. A reading around 50 indicates a neutral market.
SOL RSI. Source: TradingView.
SOL Price: Support or Breakout?
SOL is currently trading near key support at $145.59. A break below this level could trigger a decline towards $133.82 or even $123.46. However, a resurgence of buying pressure could propel SOL towards resistance at $157 and potentially higher to $180.
SOL Price Analysis. Source: TradingView.
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Disclaimer: This price analysis is for informational purposes only and should not be considered financial advice. Market conditions are subject to change. Conduct your own research before making any investment decisions.