The post Why Solana Price Could Hit $160 This September appeared on BitcoinEthereumNews.com.

This month, the Solana (SOL) network has seen a surge in demand, with daily active users and new user counts skyrocketing. With just six days remaining in September, the month is on track to be Solana’s busiest in terms of user activity since the start of the year. This heightened network demand has sparked speculation that SOL’s price could reach $160 by month’s end. But how realistic is this projection? Solana Sees Uptick in Demand Over the past 23 days, the number of unique addresses that have signed transactions across the Solana network has totaled 61 million. This represents a 57% surge from the 26.31 million unique active addresses that used the blockchain network in August. Year-to-date, Solana’s monthly active address count has increased by over 900%.  Read more: Solana vs. Ethereum: An Ultimate Comparison Solana Monthly Active Addresses. Source: The Block New users have also flocked to the chain, taking advantage of its low transaction fees. So far this month, the number of unique first-time signers transacting on the Solana network has surged to 78 million, marking an 85% increase from August’s 40 million. The sharp rise in Ethereum’s average transaction fees throughout September has contributed to Solana’s growing popularity over the past month. For context, as of September 23, the average transaction fee on Ethereum had soared to $7.03, up from just $0.71 at the start of the month — an increase of over 800% in just 24 days. For comparison, the average Solana gas fee costs between $0.003 and $0.030. Ethereum Average Transaction Fees. Source: Messari SOL Price Prediction: Bulls May Push Coin’s Price Past $160 This surge in demand for Solana has fueled speculation that SOL’s price could soon hit $160. The bullish readings from the altcoin’s key momentum indicators support this outlook. For example, SOL’s Relative Strength Index (RSI), which measures…

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Filed under: News - @ September 24, 2024 5:23 pm