Is Solana About to Make a Comeback? You Won’t Believe the Numbers! 😲

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So, here we are. Solana’s price is just sitting there, like a kid at a party who doesn’t know how to dance. It peaked at nearly $300 in January, and now? Now it’s lounging around at $120. What a fall from grace! This article is going to dive into whether its rising transaction count and decentralized exchange volume can help it get back on its feet. Spoiler alert: it’s a mixed bag! 🎭

Solana Price Could be Supported by Transaction Count that Beats Ethereum

Let’s talk about Solana. It’s been getting a lot of flak lately, and not just because of the meme coins and rug-pull scams. I mean, come on! Who doesn’t love a good meme? But seriously, according to CoinGecko, all those meme coins are now worth less than $7 billion. That’s down from $30 billion earlier this year. Ouch! 😬

But wait! There’s a silver lining. Solana is still leading the pack when it comes to transactions. In the last week, it racked up a whopping 334.8 million transactions. That’s right, folks! Fees shot up by 17% to $6.25 million. And let’s not forget, it has over 24.52 million addresses. Talk about a busy neighborhood! 🏘️

Now, let’s compare that to Ethereum. It only managed 8.37 million transactions and made $4.16 million in fees. Less than 2 million active accounts? Yikes! So, despite all the drama, Solana is still doing better than Ethereum. Who would’ve thought? TokenTerminal data shows Solana made $861 million in fees over the last 180 days, while Ethereum limped in at $756 million. What a twist! 🎢

And get this: protocols in the Solana ecosystem handled over $11.2 billion in the last week. That’s an 18% increase! Sure, Ethereum’s volume was higher at $12 billion, but Solana is growing faster. It’s like the tortoise and the hare, but the tortoise is actually winning! 🐢💨

SOL Price Technical Analysis as it Sits at a Make-or-Break Point

Now, let’s get into the nitty-gritty. The daily chart is showing that Solana might be on the verge of a breakout if it can hold this support level. It’s bounced back from below $119 at least seven times since last April. You know what that means? Short sellers are sweating bullets! 💦

Solana has formed a small double-bottom pattern at $119.75, with a neckline at $146.80. It’s like a soap opera, but with numbers! And it’s retested the descending trendline since January 30. This trendline is the upper side of a falling wedge pattern, which is a fancy way of saying it could be a bullish reversal. Who doesn’t love a good comeback story? 📈

So, what’s the forecast? If Solana bounces back, it could retest the crucial resistance at $193.65, which is a 65% jump from where it is now. But let’s be real, it needs to rise above that neckline at $146.80 first. No pressure! 😅

But if it drops below $115? Forget about it! That bullish outlook goes right out the window, and we’re looking at further declines below $100. It’s like a bad breakup; nobody wants to see it happen! 💔

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2025-04-04 17:38