Solana (SOL) Revenue Surpasses $2M Despite Bearish Trend Indicator
The Essentials in Brief
Solana (SOL), one of the leading cryptocurrencies, has seen a notable increase in its revenues over the past month. However, the value of the token could decrease in the coming week. Solana’s network activity has increased, but despite the increase in daily active addresses, daily transactions have declined in recent weeks. The price of the token has risen by 18% in the last week, but the indicators have turned bearish.
Solana’s Performance in February
In February, Solana [SOL] was particularly profitable. The revenues of the blockchain rose above the $2 million mark. The activity on Solana’s network has also increased, as confirmed by the high numbers of daily active addresses in March.
Price Development of SOL
Despite the interesting development of the blockchain’s network activity, the token’s price action has developed bullishly thanks to market conditions. According to CoinMarketCap, SOL has risen by more than 18% in the last seven days. In the last 24 hours alone, the value of the token increased by over 2%. At the time of publication, SOL was trading at $131.38, with a market capitalization of over $458.1 billion, making it the fifth largest crypto.
Forecast for SOL
To see if the positive market environment will allow SOL to continue its bull rally, a look was taken at Solana’s daily chart. It was found that its MACD showed a bullish crossover, indicating a further price increase. However, the remaining indicators for the token looked bearish.
Our Assessment
Despite Solana’s impressive performance in February and high network activity, the indicators point to a possible price correction. If this occurs, the value of SOL could fall to its support level near the $81 mark. Therefore, investors should be cautious and keep a close eye on developments around SOL.
Sources: Dipayan Mitra, Ann Maria Shibu, Artemis, CoinMarketCap, Santiment, TradingView.
| Symbol | SOL |
| Coin type | Alt Coin |
| Transaction Speed | High |
| Pros |
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| Cons |
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| Price | $193.43 |
| 24h % | -0.59 % |
| 7d % | -13.50 % |
| 30d % | -18.27 % |
| 60d % | 15.81 % |
| 1y % | 136.14 % |
| Market Cap | $92,777,408,285.00 |
| Official Links | Website | Source Code |
| Socials | Reddit | X |
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