Solana surpasses 400 billion transactions - Could this propel SOL price to $150?
Solana Sails Past 400 Billion Transactions, Hits $150 Amid Capital Influx Boost
Solana [SOL] just sailed past a major milestone - it's now processed over 400 billion lifetime transactions!
In a week that saw an impressive $4.72 billion capital inflow, Solana's stellar performance sent the high-speed blockchain's native token, $SOL, zooming toward a fresh high since March. But, it's not just the hype - there's real on-chain activity backing it up!
The Solana Mania Continues
Officially crossing the 400 billion mark, Solana's current transaction speed stands at a robust 4,262 transactions per second (TPS), with a True TPS of 1,045 - still leading the pack in the Layer-1 race.
Picture this: Real usage, not just noise! Solana's on-chain action isn't all hot air; it's that solid user and dApp activity we talked about.
What's Behind the Hot Capital Influx?
Did you know that, as of April 28, hot capital - defined as the value held by coins moved within the past 24 hours to a week - soared to an impressive $9.46 billion? That's a staggering $4.72 billion jump in just seven days, marking the strongest weekly inflow since January.
The chart tells a clear tale: The coin bands have thickened, indicating active rotation and a rekindled sense of speculative excitement.
Solana's Price Forecast
At press time, Solana held steady just under $147, up 0.70% in the last 24 hours. But here's the twist: Mixed signals from momentum indicators!
The Relative Strength Index (RSI) hangs around the 59.5 mark, just shy of the overbought zone. That means the bullish momentum seems to be slowing down. On the flip side, the On-Balance Volume (OBV) has slipped slightly from its recent highs, hinting at less buying power, despite recent gains.
So, if buying volume doesn't pick up, SOL may struggle to break past the $150 barrier. But holding above $145 should keep bulls in control, at least for now, as hot capital continues to boost the market.
Fundamental Factors Shaping Solana's Growth
- On-Chain Activity: Solana's increasing on-chain activity reflects real-world usage of the network and attracts more investors and users.
- Network Strength: Solana outperforms Ethereum and BNB in transfer volume, indicating its growing competitive edge in the Layer 1 space.
- Staking Volume: Solana's staking volume surpasses Ethereum, reinforcing investor confidence in the network.
- Technical Analysis: SOL's technical strength, along with improving fundamentals, supports the price surge.
- Innovative Projects and Ecosystem Expansion: Innovative projects like Solaxy and expanding ecosystem growth boost the interest and investment in SOL.
Geeking Out on Key Metrics
- Transfer Volume: Solana handles over $28 billion in transfers per month, putting it in a leading position among top blockchain networks.
- Staking Volume: Solana's staking volume surpasses Ethereum, signifying strong investor support for the network.
- Price Levels: Maintaining prices above $150 and reaching highs close to $156.50 demonstrate Solana's market resilience.
- Technical Indicators: The 50-day and 100-day Exponential Moving Averages (EMAs) act as critical support and resistance levels for investors.
- Solana's impressive on-chain activity, such as the 400 billion transactions processed, strengthens investor confidence and implies solid user and dApp activity, apropos of the technology.
- The bullish outlook of Solana's native token, $SOL, has been fueled by a staggering $4.72 billion capital inflow in just seven days, as shown through the chart's thickening coin bands.
- Solana's current throughput stands at a robust 4,262 transactions per second (TPS), demonstrating its competitive advantage over other Layer-1 blockchains such as Ethereum and BNB.
- While Solana's bullish momentum remains apparent with a price hovering just under $147, mixed signals from momentum indicators like the RSI and OBV suggest that breaking past the $150 barrier may be challenging without a pickup in buying volume.
