Solana Adoption at ATH, Will Price Follow or Keep Dropping?
Despite the continued uncertainty of the market, the world’s fifth largest cryptocurrency (Solana (Sol)) has gradually gained significant attention from the cryptocurrency community. Recently, a well-known crypto expert posted on X (formerly known as Twitter), and the total number of Solana addresses has reached an all-time high of 20.7 billion.
Solana’s record adoption
A large number of addresses does not necessarily mean a high degree of daily transactions or participation. This dramatic rise in Solana shows how the community adopts Solana-based DAPP, NFTS and DEFI projects. However, many addresses can be created by robots or airdrop agriculture rather than real users.
Current price motivation
Despite rapid adoption, SOL’s price remains on a downward trend due to market uncertainty. The asset is currently trading at nearly $141, down 5% in the past 24 hours. During the same period, its trading volume increased by 15%, indicating an increase in traders and investors’ participation compared to the previous day.
However, incorporating SOL into crypto strategic reserves may be a key reason for the increasing concern of traders and investors. Furthermore, Solana’s superior blockchain technology is another factor driving its rapid adoption.
Solana (Sol) price action and upcoming levels
According to expert technical analysis, due to the current market conditions, SOL is still in a downward trend and efforts to recover. Currently, it trades below the 200 moving average (EMA) in the day-to-day range. Despite the economic downturn, assets are close to the key support level of $130 and appear to be consolidated within a tight range.
According to recent price action and historical patterns, if SOL starts gathering and closes the above daily candles above $150, it could increase by 22% in the coming days.
Apart from all this, investors and long-term holders are actively accumulating tokens, as reported by Chain Analytics Small shop. Data from spot inflows/outflows suggests that the exchange has witnessed the outflow of SOL tokens worth more than $42 million in the past 24 hours.
This massive outflow indicates potential accumulation, which could create buying pressure and exacerbate further upside gatherings.
