Experts predict Solana price rally as the Ethereum-killer crosses $58 billion in transactions


  • All time transaction volume on the Solana network has exceeded $58 billion. 
  • The Solana network has recovered from the largest DeFi hacks in projects powered by its blockchain. 
  • Analysts have a bullish outlook on Solana, predicting a reversal in the altcoin's price trend. 

Ethereum-killer Solana has recovered from the drop in on-chain activity, hitting $58 billion in all-time transaction volume. Analysts have predicted a rally in Solana price, in response to the bullish catalysts. 

Solana could break into a price rally as demand rises

Solana made headlines with a project on the network's blockchain; Wormhole suffered a $320 million hack. The blockchain has now recovered from security vulnerabilities and hit a new milestone. Solana's on-chain activity has exploded by crossing $58 billion in all-time transaction volume. 

Active wallets on the Solana network have climbed steadily over the past month. The average number of wallets is around 800,000, and this indicates the high demand for Solana among investors. 

The number of transactions on the Solana network across centralized exchanges has continued to climb steadily since 2021.

Developers in the Solana ecosystem have welcomed builders in the Solana ecosystem to work on the Web3 stack. The objective is to boost the scalability and user experience of the Solana blockchain. 

Proponents believe that the addition of Solana-based projects to Coinbase's portfolio has positively impacted the altcoin's price. 

@Pentosh1 has evaluated the Solana price trend and noted that a drop below $125 puts the altcoin in the pain zone. 

FXStreet analysts believe that Solana has disappointed bulls with its poor performance as the altcoin fails to sustain a price above $100. Analysts have a bearish outlook on the Ethereum-killer if Solana price continues its downtrend. 


 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

Shanghai court confirms legal recognition of crypto ownership

A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP