Related Reading: Crypto Funds Mark 3rd Consecutive Weeks Of Outflows With $435 Million In Withdrawals In addition to the analyst’s focus on the $120 price mark, other major resistance levels for SOL have been identified. These include $110, $102, and the critical long-term support level at $74, representing SOL’s uptrend structure over the past six months. Solana Dominates Blockchain Trading Volume According to a recent CoinGecko report, Solana has secured its position as the second-largest blockchain by trading volume, commanding a substantial 21.3% market share in March 2024. The blockchain platform experienced a notable monthly growth of 244.8%, with trading volume surging to $40.05 billion, a significant increase from $11.61 billion in February. Solana’s performance in the first quarter of 2024 was equally significant.It accounted for 14.4% of all decentralized exchange (DEX) trading volume, totaling $62.31 billion. This represents a quarter-on-quarter (QoQ) growth of 242.7% compared to the previous quarter’s volume of $18.18 billion.
However, according to crypto market experts, SOL still has a promising outlook. Altcoin Sherpa, a renowned analyst, suggests that if the altcoin market continues to decline, the $120 price level may become an area of significant interest for SOL. Altcoin Sherpa maintains a bullish sentiment, strongly believing that SOL can potentially exceed $500 this year.
Such a surge would represent a significant 300% price increase from current levels, building upon the impressive 426% year-to-date price growth. It is worth noting that this projection is nearly double SOL’s previous all-time high (ATH) of $259, reached during the last crypto market bull run in November 2021.
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