Solana Price Reclaims $100 as On-Chain Metrics Signal a Rally
Solana price has surged above $100, and indicators suggest a potential rally towards $120. Following the approval of a Bitcoin spot ETF, investors have been directing capital towards altcoins like Solana, Ethereum, and Cardano.
Solana Network Usage Reaches All-Time High
Solana has seen a significant increase in fundamental growth metrics. TokenTerminal’s data shows that the daily active user count on the Solana network reached its highest level since 2024 on January 17. This increase in network participation indicates strong demand for products and services on the platform and could lead to a price rally.
Solana Validators Profit from Rising Network Usage
Fees paid to Solana proof of stake validators have also increased significantly, confirming the boost in network usage. Stakers may be incentivized to stake more SOL coins to capitalize on the rising fees, potentially reducing the circulating supply and further amplifying the price rally.
Can Solana Price Reclaim $120?
The rising network usage is driving the recent uptick in Solana’s price. The parabolic stop and reverse (SAR) indicator suggests a bullish momentum for SOL, with potential resistance at $106. If this resistance is broken, a move towards $120 could be possible.
Hot Take: Solana’s Growing Network Usage Points Towards a Bullish Future
With increasing network usage, Solana is attracting more users and experiencing heightened demand. This growth in fundamental metrics is likely to fuel a sustained rally in SOL’s price. As long as network participation continues to rise, Solana traders can anticipate further gains in the short term.
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