Solana (SOL) has seen a remarkable resurgence in its bullish momentum, with a rebound of over 9% in the past 24 hours. This impressive performance has outpaced the top 10 largest cryptocurrencies in terms of market capitalization.
The recent surge in SOL’s price has enabled it to surpass its resistance level on the daily chart at $184. The final hurdle of $201 now stands as the last barrier to further gains for the cryptocurrency.
However, industry experts and crypto analysts suggest that SOL’s price action indicates a potential continuation towards its previous all-time high of $259, achieved during the market’s bullish run in November 2021.
One analyst, using the username “Jelle,” highlights SOL’s successful transformation of the last significant resistance level into support, suggesting a positive outlook for the token’s future. The analyst predicts that the SOL price will continue to rise and potentially exceed $250 by the summer.
Similarly, another analyst going by the pseudonym Mikybull points out that SOL is currently consolidating within a symmetrical triangle pattern on a daily timeframe. According to the analyst, a breakout from this pattern is expected to trigger an “explosive” price movement, aiming to reach its previous all-time high levels at around $255.
Supporting SOL’s renewed bullish momentum, CoinGecko data reveals a significant increase in trading volume, with $4,514,426,127 traded in the last 24 hours. This represents a 74.20% surge compared to the previous day, indicating a notable surge in market activity.
In addition, Solana’s key metrics further highlight the use and adoption of its blockchain among investors. The fully diluted market capitalization has reached $99.32 billion, with a 30-day increase of 70.0%. The circulating market cap, on the other hand, stands at $77.05 billion, witnessing a 30-day growth of 71.3%.
Transaction fees on the Solana network have also experienced significant growth, with 30-day fees amounting to $51.46 million, a surge of 220.7% within 30 days. Annualizing the fees brings the figure to $626.15 million.
Furthermore, Solana has seen positive revenue growth, with 30-day revenue reaching $25.73 million, a significant increase of 220.7% over the past month. Annually, the revenue amounts to $313.08 million, showcasing sustainable income generation within the Solana network.
The sustainability of these metrics and bullish momentum will determine SOL’s path to its current all-time highs.