How Rising Solana Network Inflows Could Drive SOL Price to $150?

SOL price has surged today, soaring more than 6% as strong Solana Network inflows have bolstered market confidence. Simultaneously, the surge also comes amid a broader crypto market recovery, with Bitcoin and most of the altcoins recording robust gains.

Solana Network Inflows Fuel Market Optimism

A surge in liquidity inflows to the Solana network has sparked optimism among market participants, hinting at a potential SOL price rally ahead. Over the past 30 days, over $120 million has been bridged to Solana from other blockchains, with Ethereum and Arbitrum contributing $41.5 million and $37.3 million, respectively.

Notably, this robust influx of capital signals renewed confidence in the network, reversing recent challenges. Besides, the timing of these inflows coincides with a resurgence in the top Solana memecoin prices, with POPCAT, FARTCOIN, BONK, and WIF posting significant gains.

Although fee generation has slowed, with $46 million in March and $22 million in April so far, the Solana network’s renewed appeal could be a positive indicator for SOL price.

As market sentiment shifts in favor of Solana, investors are eagerly watching for a potential price rally. With increased liquidity and renewed interest, SOL may be poised for a significant price movement.

How’s SOL Price Performing?

Amid the robust Solana network inflow, Solana value today jumped over 6% and exchanged hands at $133.36 after touching a 24-hour high of $135.23. Notably, the price surge is accompanied by a 35% increase in trading volume to $4.59 billion and a 6% rise in Solana Futures Open Interest, indicating positive market sentiment.

Meanwhile, a recent Glassnode analysis showed that Solana’s URPD is going through a major shift in cost basis, forming a major supply cluster at $129.79 with over 32M Solana. This zone is likely to act as support during future drawdowns, reflecting high investor engagement. With $144 as potential resistance and $117 as the lower bound, $129 serves as a key pivot zone.

Considering the recent Solana network inflow and technical analysis, it appears that the SOL price might target the $150 level in the near term. If the support at $129 holds and the resistance at $144 is breached, a rally to $150 could be imminent. Besides, a Solana price prediction also showed that the crypto could reach the $150 level by this month.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.