The cryptocurrency market has been primarily driven by the meteoric rise of Solana (SOL). This token’s price has risen at an unbeatable rate, and momentum is hard to beat.
CoinMarketcap. Solana In the last one month, token prices have risen nearly 60%. The token was sitting at $183 as of press time. It is expected to reach an all-time record soon.
Solana is continuing to break records. In recent weeks, the token’s wallet transaction volume has increased and it has flipped over to daily addresses that are active.
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Solana flips BNB on the Daily Active Addresses Count
Solana is a clear winner in the current bull run. According to Solana Floor’s SOL, BNB Chain has been surpassed in the daily address count. Solana’s daily active addresses were hovering around 1.5 million on March 26, while BNB Chain metrics stabilised at 1.4 millions.
The current bull market phase also noted the rising hype around Solana’s presale meme coins, which led the token to reach new heights. Degen News – a crypto platform – took to X and shared another crucial detail regarding Solana meme presale projects. It explained that Solana had taken Ethereum over by creating and hosting the largest meme coins projects during this bull market.
What can Solana expect in April?
The recent performance of Solana is an amalgamation of market factors. The token was initially unable to reach the $200 ATH, but it briefly did. SOL currently sits at $183 and is down 2% over the past 24 hours.
The leading cryptocurrency prediction platform for April CoinCodex Has forecasted an upward trend in Solana. Solana is expected to grow by an astounding 227% before April 27, 2024, according to the platform.
“According to our current Solana price prediction, the price of Solana is predicted to rise by 227.56% and reach $593.96 by April 27, 2024. Per our technical indicators, the current sentiment is bullish, while the Fear & Greed Index is showing 80 (extreme greed). Solana recorded 19/30 (63%) green days with 16.75% price volatility over the last 30 days.”
The platform also predicted earlier price levels where Solana might experience some resistance or pressure.
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“Based on the current classical pivot point (P1) with a value of $186.46, Solana has support levels of $180.70, $175.18, and the strongest at $169.41. Similarly, Solana resistance levels are at 191.98, 197.75, and 203.26.”
The overall trend for Solana in April appears to be positive. SOL needs to continue its uptrend in order to achieve ambitious levels of price above $200.
“The Solana price forecast for the next 30 days is a projection based on the positive and negative trends in the past 30 days. Based on these Solana projections, SOL will be changing hands at $269.17 on April 4, 2024, gaining 48.45% in the process.”
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Source: watcher.guru