Today, Solana (SOL) reached over $180, hinting at a possible strong price increase. This movement matches recent growth in other big cryptocurrencies like Bitcoin and Ethereum.
According to analyst Rekt Capital on X, Solana’s price has broken through some tough resistance levels, showing that the price may continue to rise if it can stay above these points.
Rekt Capital explains that Solana has tested a downward trendline that’s been in place since March and August 2024. This trendline has acted as a barrier, blocking higher prices, but now Solana has broken past it.
Also, the cryptocurrency weekly closed above $175, which indicates that SOL could have room to grow further if it holds steady.
Additionally, Solana’s price growth has also been supported by a spike in active addresses, meaning more people are using the network. According to Defilama, Solana has surpassed Ethereum in daily network fees, generating over $2.95 million due to the high trading activities on Raydium.
According to The Block, Solana’s monthly active addresses jumped to 107 million in October. On October 22 alone, active addresses peaked at 8.8 million, likely due to popular meme coins and trading on decentralized exchanges.
Looking forward, Solana could potentially reach its high from March 2024 of $210.18. However, there’s resistance around the $192-$193 area, which might slow it down.
Also Read: Bitcoin’s Bullish Rally Aims for $80,000 by 2025 End
