Solana hits five-month price high as network activity grows and charts show a bullish trend.
- Solana (SOL) rose 34% in the last month, reaching $193.
- Analysts see a chart pattern that could push SOL to $6,300.
- Total value locked in Solana has grown over 63% in 15 weeks.
Solana’s Price Hits New High
Solana’s price jumped to $193 on Monday, its highest since early 2024. This marks a 34% increase over the last 30 days. Despite being 35% below its all-time high of $295, many believe SOL could soon enter a new price level. Analysts are watching a technical chart pattern called a cup-and-handle, which often signals a strong rally ahead.
Bullish Pattern Suggests Big Gains
Crypto analysts say Solana’s chart shows a clear cup-and-handle pattern across several time frames. This setup could lead to a major breakout. One investor, Robert Mercer, shared a chart on X (formerly Twitter), predicting that Solana is about to make a big move upwards. Another analyst, Trader Tardigrade, believes SOL could reach $4,800 in a few years based on a four-year chart.
If the pattern fully plays out, the target price for Solana could be $6,300. That would be more than 3,000% higher than its current price. However, historical analysis shows that only 61% of these chart patterns reach their top target.
Network Activity Helps Fuel Growth
Solana has seen a rise in onchain activity, which adds to the positive outlook. In the last 24 hours, daily active addresses went up by 9%. That means more people are using the network. Daily transactions are also increasing quickly, continuing their trend from 2024.
Another key number is Solana’s total value locked (TVL). This measures how much money is stored in its digital ecosystem. TVL reached $10.3 billion on Monday, up from $6.1 billion in April. That’s a 63% jump in just 15 weeks. Solana is now the second-largest blockchain by TVL, holding 6.28% market share, behind Ethereum’s 68%.
Source: cointelegraph.com
