Solana should rise with interest in its ecosystem on the rise
Solana (SOL) continues to attract attention in the cryptocurrency market, with its native token hovering around $150. This positive movement appears to reflect increased interest from investors and developers in the Solana ecosystem.
According to A16z’s “State of Crypto” report released on October 16, the Solana blockchain has seen significant growth in active addresses and engagement from Web3 builders. This suggests that SOL price may continue to rise.
One of the main factors driving this increase is the growth in the number of monthly active addresses on the Solana network. In September 2024, for example, the cryptocurrency reached a record 220 million active addresses, of which approximately 100 million belong to Solana.
This significant number highlights the increase in activity on the blockchain, which stands out among the main crypto networks, attracting traders and developers interested in taking advantage of its scalability and low cost potential.
Furthermore, the Builder Energy panel, which tracks developer interest in different blockchains, revealed that Solana had a significant increase in the share of builder interest. In 2023, this interest was at 5.1%, but in 2024, it rose to 11.2%.
This indicates that more developers are creating and launching applications on Solana, cementing its position as one of the leading platforms for Web3 projects and cryptocurrency-based tokens.
Solana continues to grow
Another factor that contributed to Solana's success in 2024 was the launch of several memecoins in its ecosystem. These coins, which are part of a popular trend in the crypto market, have further boosted activity on the network. This is because they attracted a large number of new users and investors to the blockchain.
From a technical perspective, according to analyst Ekta Mourya, Solana is on an upward trend. The analyst believes that the SOL price could rise up to 12%, testing important resistance between US$169.43 and US$171.61.
“If this optimistic scenario comes to fruition, the SOL token could reach its highest price since August 2024. The MACD indicator, which measures price momentum, shows positive momentum, with green bars above the neutral line, which reinforces the outlook high,” he said.
As Mourya highlighted, traders need to pay attention to certain support levels, such as US$146.35, represented by the 50-day Exponential Moving Average (EMA).
“A daily close below this value could signal a possible trend reversal, with the SOL price falling to the support of US$134.27, the low recorded on September 19, 2024,” he concluded.