February proved to be an excellent month for Solana (SOL), with the blockchain network’s revenue increasing to over $2 million.

Activity on the Solana network is increasing

Recent tweet from Solana Daily, a prominent X account that covers SOL developments, reports a significant increase in the blockchain network’s revenue in recent days.

To gain a better understanding of the situation surrounding SOL, Artemis data was analyzed. Despite the increase in revenue, the costs of the blockchain network appear to have actually fallen over the past 30 days.

While the number of daily active addresses remained high, Solana’s number of daily transactions has surprisingly declined in recent weeks, despite high activity on the network in March.

How is SOL performing at the moment?

While the blockchain network showed an interesting price trend, the token’s price turned bullish due to the current market conditions.

According to CoinMarketCap, SOL is up over 18% in the last seven days, with the token’s value increasing over 2% in the last 24 hours alone.

At the time of writing, SOL was trading at $131.38, with a market cap of over 458.1 billion, making it the fifth largest cryptocurrency. The recent price increase has also significantly increased Solana’s popularity in the crypto world, evidenced by the increase in social volume.

Furthermore, weighted sentiment surrounding SOL has also increased in recent days, indicating that bullish sentiment towards the token is increasing.

solana chart

To determine whether positive market sentiment will allow SOL to continue its bull rally, Solana’s daily chart was analyzed.

It was found that the MACD showed a bullish crossover, indicating a possible further price increase. However, the remaining indicators showed a bearish trend for the token.

An example of this is the downward movement recorded by the Chaikin Money Flow (CMF). The Relative Strength Index (RSI) also followed a similar downward trend.

Based on these indicators, it appears that investors may be able to expect a price correction soon. If this materializes, SOL’s value could fall to its support level near the $81 mark.

sun hgrafiek

Source: https://cryptobenelux.com/2024/03/06/wat-kunnen-we-verwachten-van-solana-sol-in-maart/

Leave a Reply

Your email address will not be published. Required fields are marked *