Right indicators in the chain paint an optimistic picture for Solana (SOL), suggesting this could be an excellent time to buy the crypto token. This is in line with Solana’s price movement on the chart, with technical analysts predicting that an upward trend could be on the horizon.
Solana enjoying higher adoption
Data IntoTheBlock market intelligence platform shows that the number of daily addresses on the Solana network has been growing at an impressive rate. On June 11, more than 1 million new addresses were traded on the Solana Network. This development is significant as SOL could enjoy future price increases as more new users continue to trade on the network.
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The enormous growth enjoyed by Solana Network it has also translated into higher trading volume on the network, which is also bullish for the crypto token. Data from DappRadar shows that there was a 62% increase in transaction volume on the Solana network in the last 24 hours, with more than 8.83 million transactions processed in that period.
Curiously, Solana stands out on this metric, as no other network processed as many transactions during this period. Solana has also processed more transactions than any other network in the last seven days, with more than 59.55 million transactions processed in this period.
The growing interest in SOL is partly due to the meme coin ecosystem on the network. Solana has become the platform of choice for traders looking to make massive profits from meme coins, which have so far been the best-performing crypto assets in this bull run.
Solana’s reputation as the home of meme coins has even attracted celebrities like Australian rapper Iggy Azalea, Caitlyn Jenner and Andrew Tate for the network. With this in mind, it seems only a matter of time before Solana’s price reacts positively to its network growth and increasing network activity.
Time to buy SOL?
Crypto Analyst Altcoin Sherpa suggested that now might be a good time to buy Solana ahead of the meteoric price rally it could soon enjoy. The analyst he said he expects “bigger things” for SOL later this year. For now, he expects Solana to continue cutting between $185 and $120 and just continue to witness a “prolonged consolidation period.”
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This period of consolidation is often a good time for investors to accumulate the crypto token, considering coins typically enjoy a parabolic uptrend after consolidating for a while. Meanwhile, Altcoin Sherpa stated that this period of consolidation is healthy for Solana given the huge run it has already had, rising to a yearly high of $209 on March 18. previously predicted that the crypto token will surpass $500 this year.