Solana’s Jaw-Dropping Price Twist Will Leave You Speechless! 😲

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After Solana flirted with a new all-time high (ATH) around $293 in mid-January, the price decided to pull a fast one and dove into a month-long correction. It’s like it got stage fright right when the spotlight hit. Currently, Solana, the cool kid L1 altcoin boasting a fully diluted valuation of about $117 billion and a 24-hour average trading volume of about $3.3 billion, has tested the support level above $176 three times since November 2024. Kudos for being thorough, SOL. 👏

In the four-hour time frame, Solana’s price against the US dollar broke out of a falling logarithmic trend, which is honestly just math nerd speak for “it’s going up, folks!” As a result, SOL price is poised to rally at least 25 percent soon, aiming for the $240-$250 range. Prepare for takeoff, people! 🚀

According to crypto analyst Ali Martinez, as long as Solana keeps making higher highs and higher lows in the weekly time frame, we’re looking at a major bullish breakout. It’s like the price is playing hopscotch and refuses to miss a jump. A new all-time high, here we come!

Of course, this bullish daydream could come crashing down if the support level around $176 decides to be consistently breached. In that unfortunate scenario, the SOL price could seek refuge at a solid support level above $120, a cozy little spot it’s held since April 2024. It’s like having that backup favorite café when your go-to is packed. ☕️

$Sol #Sol testing resistance, expecting move towards 240$ – 250$ after successful breakout

— World Of Charts (@WorldOfCharts1) February 14, 2025

Solana Network Records Robust Fundamentals

Since the FTX explosion, the Solana network has shown some serious growth, probably sipping on some high-protein retail and institutional investor shakes. Market data from Defillama shows the Solana network has a total value locked of about $9.36 billion and a stablecoins market cap of about $12.5 billion. Aging like fine wine. 🍷

In the past 24 hours, the network registered 4.94 million active addresses and raked in about $2.64 million in revenue. DeFi protocols on Solana, led by the Jito liquid staking platform, scored a 24-hour revenue of about $12.75 million. Obviously, somebody remembered to invite everyone to the party. 🎉

On-chain data analysis from Glassnode reveals that Solana’s seven-day average transaction fees have been giving Ethereum a run for its money since January 9, 2025. However, Glassnode notes that Solana’s market dominance took a bit of a nap in February. Can’t win ’em all, right?

#Solana’s 7-day average transaction fees have outpaced #Ethereum’s since January 9. While $SOL’s dominance has weakened in February, the weekly difference remains above $3M, indicating sustained relative strength over $ETH.

— glassnode (@glassnode) February 14, 2025

The rise of memecoin madness on the BNB Chain, thanks to Binance co-founder Changpeng Zhao, saw BNB spiking over 15 percent in the past week to trade at about $669 by Friday’s ~lunchtime~ mid-New York session. Honestly, it felt like watching a telenovela.

This pumped BNB’s market cap to surpass Solana’s by about $2 billion, with a daily average trading volume difference of $1.5 billion tipping in Binance Coin’s favor. It’s like a sibling rivalry but with way more zeros. 🤑

Still, Solana is the institutional investors’ darling, depicted by the flurry of spot SOL ETFs filings with the US SEC. Notable suitors include Canary Capital, Grayscale Investments, Bitwise, and VanEck. Looks like someone is going to the crypto prom with a pretty impressive date list! 💃🕺

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2025-02-14 18:36