🌎 Solana Surges 32% Amid Strong On-Chain Performance and Market Rebound

Solana price has seen a notable rebound this week, fueled by a general recovery in the cryptocurrency market and robust on-chain performance data.

The SOL token climbed to $163.8 on Friday, reaching its highest level since June 7th. This marks a 32% increase from its lowest point this month. The recovery in Solana’s price is supported by data showing strong network performance.

Solana Volume, Unique Active Wallets, and Transactions

Data from various sources indicates that Solana’s unique active wallets, transaction volumes, and overall transactions have seen a significant rise this week. Additionally, Solana’s meme coins like Dogwifhat and Bonk have also surged, while the network continues to lead in the decentralized exchange (DEX) space.

For example, WIF’s 24-hour volume reached $842 million, surpassing Dogecoin’s $682 million and Shiba Inu’s $751 million. Over the past seven days, Solana DEX networks handled over $13.2 billion in transactions, compared to Ethereum’s $11.9 billion. Top-performing DEX platforms on Solana include Raydium, Orca, and Jupiter.

Encouraging Solana Price Patterns

Crypto traders are optimistic about Solana’s price potential, citing several technical patterns:

Symmetrical Triangle Pattern: Solana has formed a symmetrical triangle pattern that is nearing its confluence. Given that this triangle appeared after a rally, it can be considered a bullish pennant pattern. Typically, such a pattern precedes a bullish breakout.
Double-Bottom Pattern: Solana found strong support at $120.50, failing to break below this level twice in April, June, and July. A double-bottom is often seen as a highly bullish chart pattern.
200-day Exponential Moving Average (EMA): Solana has consistently remained above the 200-day EMA, a popular support level in technical analysis.

Additionally, momentum indicators suggest that Solana has more room to grow before reaching overbought conditions. The Relative Strength Index (RSI) has just crossed the neutral point of 50, while the Money Flow Index (MFI) is nearing its overbought level at 80.

Solana has also moved to the 61.8% Fibonacci Retracement level. If these patterns hold, there is a strong possibility that Solana’s price could reach the resistance point of $200, its highest level in May.