- Solana captures 53% of global crypto users, solidifying its blockchain dominance.
- SOL price faces consolidation with breakout potential above $225 for new highs.
- Daily transactions near 67 million, fueling Solana’s rapid network growth and adoption.
In November 2024, Solana ($SOL) achieved a significant milestone by surpassing all other blockchain networks combined, capturing 53% of global crypto users as highlighted by SolanaFloor, host of Solana’s annual community conference. This move solidifies its position as a leading player in the blockchain space, outpacing other major networks. With growing user engagement and increasing daily transactions, Solana’s future growth prospects remain bright.
Resilient Price Action and Consolidation Phase
Solana’s price action has shown resilience, according to analyst CryptoJelle. Despite recent lows, Solana has managed to hold the critical monthly and weekly support levels.
Currently, it is in a consolidation phase within a falling wedge pattern, which suggests that a breakout could be on the horizon. If the breakout materializes, Solana may be poised to reach new all-time highs, continuing its upward trajectory.
Impressive User Growth and Transaction Milestone
Solana’s increasing user base is a major driver of its success. Analyst Ali Martinez highlights that daily transactions on the network are nearing 67 million, signaling a rapid adoption rate.
As more users turn to Solana’s high-speed, low-cost blockchain, the network’s growth shows no signs of slowing down. This surge in activity further solidifies Solana’s position as one of the top blockchain networks in the market.
At the time of writing, Solana’s price is $209.52, with a 24-hour trading volume of $7.15 billion. The recent 3.38% decline reflects a minor correction in the market.
However, this price movement is part of a consolidation phase that typically precedes a breakout. The key resistance level lies at $225, and if Solana can break through this, a move towards $250 or higher could be on the cards.
The most recent support level for Solana is nearly $200, following a pullback from higher price levels. If the price breaks below this level, further downside movement to $190 or lower could occur.
In terms of technical indicators, the Relative Strength Index (RSI) is currently at 42.67, indicating a neutral to slightly oversold condition. This suggests that the asset may be due for a rebound if buying momentum picks up.
On the other hand, the Moving Average Convergence Divergence (MACD) is showing bearish momentum, with the MACD line below the signal line and a negative histogram. This indicates that Solana could face further downward pressure in the short term, especially if the bearish momentum continues. However, if Solana can break above $225 and maintain an upward trend, new price records could be set in the near future.
2024 Price Forecast
Looking ahead to 2024, Solana’s price is expected to remain relatively stable with modest growth. As per Changelly’s blog data, the minimum expected price is $214.71, with a potential high of $215.89. The average trading price is forecasted to hover around $217.07.