Certain on-chain indicators paint a bullish picture for Solana (SOL), suggesting this may occasionally be a superb time to buy the crypto token. This aligns with Solana’s price movement on the chart, with technical analysts predicting that an upward trend may be on the horizon.
Solana Having fun with Greater Adoption
Data from the market Intelligence platform IntoTheBlock shows that the variety of each day addresses on the Solana network has been growing at a formidable rate. On June 11, over 1 million latest addresses transacted on the Solana network. This development is important as SOL could enjoy future price surges as more latest users proceed to trade on the network.
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The large growth enjoyed by the Solana network has also translated to greater trading volume on the network, which can be bullish for the crypto token. Data from DappRadar shows that there was a 62% increase in transaction volume on the Solana chain within the last 24 hours, with over 8.83 million transactions processed during this era.
Interstingly, Solana stands tall on this metric, as no other chain has processed this many transactions during this era. Solana has also processed more transactions than every other chain within the last seven days, with over 59.55 million transactions processed inside this timeframe.
The growing interest in SOL has been partly because of the meme coin ecosystem on the network. Solana has grow to be the go-to platform for traders seeking to make massive profits from meme coins, which have to this point been the best-performing crypto assets on this bull run.
Solana’s status because the home for meme coins has even attracted celebrities like Australian rapper Iggy Azalea, Caitlyn Jenner, and Andrew Tate to the network. Bearing this in mind, it only looks like a matter of time before Solana’s price reacts positively to its network growth and ever-increasing network activity.
Time To Buy SOL?
Crypto analyst Altcoin Sherpa suggested that now may be a superb time to purchase Solana ahead of the meteoric price rally, which it could enjoy soon enough. The analyst said he expects “larger things” for SOL later this 12 months. For now, he expects Solana to maintain chopping between $185 and $120 and just proceed to witness a “prolonged period of consolidation.”
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Source: X
This era of consolidation will likely be a superb time for investors to build up the crypto token, considering that coins typically enjoy a parabolic uptrend after consolidating for some time. Meanwhile, Altcoin Sherpa claimed that this era of consolidation is healthy for Solana, given the massive run it has already had, rising to a yearly high of $209 on March 18. As to how Solana can rise, Altcoin Sherpa previously predicted that the crypto token will rise above $500 this 12 months.
SOL drops with market | Source: SOLUSDT on Tradingview.com