Solana (SOL) has experienced a notable resurgence in its bullish momentum, with a recovery of over 9% in the last 24 hours. This remarkable performance surpassed the 10 best largest cryptocurrencies in terms of market capitalization.
The latest surge in SOL price has allowed it to surpass its resistance level on the daily chart at $184. The remaining hurdle of $201 is now the final barrier to prevent further gains for the cryptocurrency.
However, industry experts and crypto analysts suggest that SOL’s price action indicates a potential continuation towards its previous high of $259 reached during the November 2021 bull market.
SOL price is expected to break out and reach all-time highs
An analyst, “Jelle”, highlights The successful transformation of the last significant resistance level into support by SOL, suggesting a positive outlook for the future of the token. The analyst predicts that the price of SOL will continue to rise and potentially surpass $250 in the summer.
Similarly, another analyst using the pseudonym Mikybull points that SOL is currently consolidating within a symmetrical triangle pattern on a daily time frame.
According to the analyst, a break in this pattern is expected to trigger an “explosive” price movement, aiming to reach its previous value highest levels ever for around $255.
Supporting SOL’s Renewed Bullish Momentum, CoinGecko data reveals a significant increase in trading volume, with $4,514,426,127 traded in the last 24 hours. This represents a 74.20% increase from the previous day, indicating a notable increase in market activity.
Solana metrics show growing investor interest
According to data From Token Terminal, Solana’s key metrics further highlight the usage and adoption of its blockchain among investors. Starting with the market capitalization, the fully diluted market capitalization is $99.32 billion. This value represents the total market value if all tokens were in circulation. Fully diluted market capitalization over the past 30 days has increased by 70.0%.
On the other hand, the circulating market capitalization, which only considers tokens currently in circulation, is valued at US$77.05 billion. It witnessed a growth of 71.3% in 30 days.
Examining the fees generated through transactions on the Solana network, the 30-day fees amount to $51.46 million. This represents a notable increase of 220.7% in 30 days, highlighting the increase network usage and demand. When annualized, the fees reach US$626.15 million.
In terms of revenue, Solana has seen positive growth. 30-day revenue is $25.73 million, reflecting a significant increase of 220.7% from last month. When annualized, revenue reaches US$313.08 million, showing sustainable income generation within the Solana network.
It remains to be seen whether these metrics and the bullish momentum will support SOL’s path to its current all-time highs.
Featured image from Shutterstock, chart from TradingView.com
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