As many assets in the cryptocurrency sector continue to trade near their all-time highs (ATHs), Solana (SOL) seems to be looking to reach the same levels itself, particularly after it smashed a critical resistance level and broke free from the declining trend.
Specifically, Solana has recently broken its descending trendline and crossed the resistance at $195, confirming it as support “on today’s flash dip,” according to the observations shared by pseudonymous crypto trading analyst CryptoJelleNL in an X post on April 1.
Solana price action analysis. Source: CryptoJelleNL
Why is Solana pumping?
For now, Solana is changing hands at the price of $196.33, which suggests a very minor decline of 0.06% in the last 24 hours, a 3.84% gain across the previous seven days, as well as a 52.22% advance on its monthly chart, and a more significant increase of 93.09% this year, as per the latest data.
Solana price 30-day chart. Source: Finbold
As it happens, Solana’s recent advance coincides with the increasing stablecoin trading volume on its network, which has consistently outperformed that of Ethereum (ETH), most recently on April 1, when Solana’s volume stood at $75.15 billion, as opposed to Ethereum’s $9.55 billion.
Top networks by stablecoin transactions. Source: Artemis
Ultimately, the currently fourth-largest asset in the crypto sector by market capitalization could skyrocket to the predicted heights, but making any definite SOL price prediction is difficult, so doing one’s own research and keeping up with any Solana news is necessary when investing in it.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
