Published on april 24, 2024, 12:57 pm
Image source: Fox News
```json { "TLDR": "Solana's altcoin, SOL, surged in price by 4% over the last 24 hours and has shown a notable rise of 32.6% from its recent low. Solana's strong performance is driven by its network dominance within the layer 1 sector, with impressive transaction numbers and increased Total Value Locked in smart contracts. Technical indicators suggest further gains for SOL, targeting a recovery towards $202; however, failure to stay above key support levels could lead to corrections towards $139 or $125." } ```
Solana’s Altcoin Price Surges Today
The price of Solana’s altcoin, SOL, is on the rise today, driven by a mix of technical indicators and on-chain factors pointing towards a bullish outlook for the cryptocurrency. This uptick in SOL’s value comes amidst a broader recovery in the cryptocurrency market following events such as the Bitcoin halving and reduced geopolitical tensions in the Middle East.
Recent data from Cointelegraph Markets Pro and TradingView shows that SOL is currently valued at $159, marking an increase of approximately 4% over the last 24 hours and a significant 32.6% rise from its recent low around $120 just a week ago. Impressively, SOL has shown strong performance over the past months, with an increase of more than 88% in the last six months and a 56% rise year-to-date. With a market capitalization reaching $70.6 billion, Solana now stands as the fifth-largest cryptocurrency based on market value.
Driving Solana’s surge today is its robust network performance within the layer 1 sector. Data from Artemis reveals that Solana accounts for more than 30% of daily transactions across prominent layer 1 and layer 2 networks, outperforming other major protocols in terms of transaction fees. The Block Pro highlighted that “Solana emerged as the leading platform for on-chain financial activity,” demonstrating its dominance with total transaction fees surging by about 417%, overtaking BNB Chain and Tron.
Moreover, another key indicator of network strength is Total Value Locked (TVL) in smart contracts. Recent data from DefiLlama indicates that Solana’s TVL surged from $3.36 billion on April 18 to $4.02 billion on April 23, reflecting a notable increase of 19% over just one week. This growth in TVL aligns with SOL’s price appreciation, which saw it climb by more than 15% during this period.
The upward trend in Solana’s price observed on April 23 marks part of an ongoing recovery phase starting from when the cryptocurrency found support around the $130 mark on April 17. As SOL aims to sustain this upward momentum, crossing above its critical support level provided by the 50-day exponential moving average (EMA) at $156.42 would signal bullish strength.
Notably, technical analysis points towards potential further gains for SOL, with indicators like MACD signaling an undervalued asset ready for a rebound. If this scenario plays out successfully, SOL/USD could target a substantial recovery towards around $202 in the coming days.
However, failing to maintain position above the crucial EMA levels poses risks of correction towards lower support levels at either $139 or $125. As always with trading and investing decisions relating to cryptocurrencies like SOL, readers are advised to conduct their own research due to inherent risks involved in these activities.
Original article posted by Fox News
