Solana’s Strong Upward Trajectory: A Potential $200 Milestone

Solana Surges in Economic Value

On October 24, Solana’s network hit a record high in real economic value, reaching $11,089,500 from transaction fees and Maximal Extractable Value (MEV) tips. This milestone highlights Solana’s growing traction, as it surpassed Ethereum in transaction fees and MEV tips since October 19, reflecting increased user activity and transaction volume, according to Blockworks Research.

A significant driver of this surge is the popularity of meme coins on Solana. Whale Hunter reports that the Solana Telegram Bot alone handled $211 million in trading volume on October 24, with the meme coin “Trojan” leading at $93.7 million. This increase in transaction activity underscores Solana’s advantages in scalability and low fees, which are attracting a wider range of users, especially in decentralized finance (DeFi) and the meme coin market.

Experts suggest that Solana’s ability to manage high transaction volumes with lower fees makes it an appealing choice for investors and developers, strengthening its position against established networks like Ethereum. This trend and its implications for Solana’s economic model will be discussed further at Benzinga’s Future of Digital Assets event on November 19.

Solana’s Strong Upward Trajectory  Solana (SOL) has continued to capture significant attention in the crypto community due to a surge in on-chain activity and skyrocketing active addresses. Andreessen Horowitz’s “State of Crypto Report 2024” highlights Solana’s recent dominance, with the network reaching around 100 million active addresses. This is followed by NEAR with 31 million, Coinbase’s Layer 2 Base network with 22 million, Tron with 14 million, and Bitcoin with 11 million active addresses.

Solana’s active ecosystem of meme coins and increasing interest from developers have driven its activity levels from 5.1% to 11.2% this year. Crypto Rand also noted that Solana’s daily volume on decentralized exchanges (DEX) has topped $2 billion for three consecutive days, surpassing all other chains, including Ethereum. As of now, the monthly volume is at $33.75 billion, though it still trails its March high of nearly $60 billion. The lack of intermediaries in DEXs enables peer-to-peer trading through smart contracts, making Solana’s growing DEX volume a strong indicator of rising market confidence and DeFi interest.

In the broader investment landscape, Solana-focused exchange-traded funds (ETFs) are gaining attention as institutional inflows for SOL-based products reached $2.4 million over the last week. At the time of writing, Solana’s price rose by 12.1% over the week to $167, based on data from CoinGecko.

Solana’s Strong Upward Trajectory   Solana (SOL) is showing strong signs of recovery and may be on track to reach the $200 mark. Currently trading above $170, its upward momentum began with a breakout at $160 earlier in the month. Analysts suggest that Solana could advance further to test the $185 resistance level, which would mark a key milestone in its potential rally.

According to technical indicators, Solana is moving smoothly in the range above $160, with solid support now forming around $155. This support, along with rising market confidence, could sustain a continued rally. The next crucial level to monitor is $185, which could be the last significant hurdle before targeting the psychologically important $200 mark. Although Solana’s relative strength index (RSI) is slightly overbought at around 71, a brief consolidation phase could allow for renewed bullish momentum.

If Solana stays above the $170–$175 range, it’s likely to challenge the $185 resistance level, a breakthrough that could signal a longer-term bullish trend and set the stage for $200 in the near future.

Meanwhile, Dogecoin may be gearing up for a 30% rally. According to the Elliott Wave theory, Dogecoin could be entering a strong upward leg, with its price recently stabilizing around $0.13 after breaking through key resistance at $0.12. With an RSI of about 70, Dogecoin might experience a minor consolidation before potentially pushing toward the $0.18–$0.19 resistance zone.

Ethereum is also showing signs of an uptrend, though it’s uncertain if this will lead to a full bull run. Ethereum is trading within a defined channel, with strong resistance at $2,790. A breakthrough at this level could enable a move toward the psychological $3,000 mark, while support is firming at $2,488. The RSI at 56 suggests moderate upward momentum, though a confirmed bull trend may depend on how Ethereum navigates these key levels in the coming days.