Solana’s Bullish Breakthrough: What Next For SOL Price
The post Solana’s Bullish Breakthrough: What Next For SOL Price appeared first on Coinpedia Fintech News
The crypto market is filled with excitement as Solana has witnessed a significant surge in price, prompting both enthusiasm and caution among investors.
Gambardello and Martinez’s Insights
According to popular crypto analysts Dan Gambardello and Ali Martinez, the recent surge in Solana’s price has caught the attention of many investors.
Gambardello, known for his insightful market analysis, warned investors to trade carefully despite the bullish momentum.
He says, “If you’re watching Solana pump and feel like you missed the only bullish boat of the bull market, be careful thinking that. And be careful with what you do next. It’s Solana season for sure, but seasons end, and new ones begin. This is crypto.”
Meanwhile, Ali Martinez, always up with his price analysis tweets, talked about Solana’s bullish outlook. He noted that the invalidation of the TD sell signal on the daily chart indicated further potential for price growth.
In his X post Ali marked, “The TD sell signal on #Solana daily chart has just been invalidated, hinting at a bullish outlook for $SOL. It pierced through the setup risk line at $198, potentially setting the stage for a new countdown toward another sell signal.
This breakthrough is akin to last December when a similar invalidation of the TD’s sell signal led #SOL to slice through its setup risk line, igniting a remarkable 70% rally before facing the next sell signal.”
Previously, Martinez had predicted a similar scenario in December, where the invalidation of the TD sell signal led to a 70% surge in Solana’s price before the next sell signal.
SOL Price Surge and Network Activity
The notable increase in network activity is the most significant factor fuelling the surge in Solana’s price. Solana’s prices have surged by almost 25% since Friday and reached the $207.
The most significant evidence of the increased network activity is the number of daily active wallet addresses on the Solana network, which have crossed 1.8 million accounts.
As a result, the increased network activity has also affected the daily fees on the Solana blockchain, which has risen to $4 million, marking a substantial 754% monthly increase.
Trading volumes on Solana have also witnessed a significant uptick, surpassing $3.8 million, which is 430% more than that in February.
As Solana continues to capture the attention of investors with its impressive price surge and network activity, Gambardello advises investors to approach the market cautiously.
Filed under: Bitcoin - @ March 19, 2024 2:41 am