• 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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Why Polygon’s MATIC bulls could be too eager and drop the ball on this rally

Why Polygon’s MATIC bulls could be too eager and drop the ball on this rally

Polygon (MATIC) price action has been on treading nervously this week, with weekly earnings switching back and forth between profit and loss. It all comes down to trading this Friday to see if bulls can eke out a winning week.

More Polygon News

How can traders squeeze in more gains as Shiba Inu price teases a 42% rally

How can traders squeeze in more gains as Shiba Inu price teases a 42% rally

Shiba Inu price positively reacted to the United States inflation report, forming a bullish candle on its daily chart. The second-largest meme coin brushed shoulders with $0.00001287 but pulled back to test support highlighted by the 100-day Simple Moving Average (SMA) at $0.00001170.

More Shiba Inu News

CRO price sees bulls using their last ammunition to attack $0.16

CRO price sees bulls using their last ammunition to attack $0.16

Crypto.com Coin (CRO) price action is looking to execute a bullish breakout above $0.16. Ignorant bulls will try to be part of that rally, but that could prove a big mistake as a few risks need to be taken into account to be sure that this rally still has legs.

More Crypto.com News

Solana traders’ focus on $58 as the rally starts to slow down

Solana traders’ focus on $58 as the rally starts to slow down

Solana (SOL) price action is set to close out the week with a mere 7% gain depending on where it ends  Friday evening after the US closing bell. Overall it has been a good trading week from a fundamental perspective and technicals in a supporting role.

More Solana News

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP