Solana network activities hit an all-time high this year, Sol to $150 soon?

The prediction around the Solana (Sol) cryptocurrency surged rapidly, as the on-chain activities surged rapidly in the last couple of weeks. 

Solana (Sol) is a popular Proof-of-stake (PoS) crypto network which is known for its Proof-of-history (PoH) protocol which can process up to 70 thousand transactions per second (TPS). Following huge hurdles between Sep 2021 to Dec 2022, the Solana network successfully recovered from all kinds of network bugs & criticism.

From January of this year, the trade price of Solana coin surged nearly 10-fold, which is the highest over any other flagship crypto asset.

The current trade price of Sol coin is $111.7 & this trade price is 60% higher over the last 7 days of trade price.

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Following the big rallies in the trade price of Sol coin, the on-chain activities also surged rapidly across the Solana ecosystem.

According to data shared by TheBlock, the number of active Solana blockchain addresses has surged about 50% over its November numbers to hit over 15.6 million. This increase in figure is very high from its former record of 15.2 million in January 2023.

Not only price, also on chain activities surging on the Solana network pic.twitter.com/5dXVksOAEo

— Bitcoinik – Next Generation Bitcoin Media (@Bitcoinikdotcom) December 25, 2023

In May 2023 there were a total of 6.6 million addresses on Solana but now this number is 6.8 million which is itself a very big achievement for the Solana network in terms of adoption.

Following the surge in on-chain activities, the majority of the crypto analysts predicted that Solana coin is not gonna stop and probably will soon hit the $150 trade price in the next 2 weeks.

Solana has surpassed the $100 threshold after months, with the current trajectory aiming for $150 as #bullish momentum prevails. It’s crucial to acknowledge the potential for a price correction. In the event of a pullback, anticipate a range between $80 and $70; anything below… pic.twitter.com/6RbpQxZGx6

— Crypto Signals Live (@cryptosignalsxw) December 24, 2023

However all these analyses are based on  the current momentum but people need to understand that price analysis doesn’t work 100% because market sentiments can change anytime following negative news related to the Crypto sector e.g. lawsuit against a big crypto exchange, crypto ban news, hacking news, etc.

Read also: New Crypto tax rule in Japan will help Institutional money inflow

Solana network activities hit an all-time high this year, Sol to $150 soon?

 

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