Certainly indicators on the chain paint a bullish picture Solana (SOL), suggesting that this could be an excellent time to buy the crypto token. This matches Solana’s price movement on the chart, with technical analysts predicting that an uptrend may be on the horizon.
Solana enjoys increased adoption
Data from the market information platform IntoTheBlock shows that the number of daily addresses on the Solana network has grown impressively. On June 11, more than 1 million new addresses were traded on the Solana Network. This development is important because SOL could experience future price increases as more new users continue to trade on the network.
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The enormous growth of which the Solana Network has also translated into increased trading volume on the network, which is also positive for the crypto token. Facts from DappRadar shows that transaction volume on the Solana chain increased by 62% in the last 24 hours, with more than 8.83 million transactions processed during this period.
Interesting enough, Solana stands tall in this metric, as no other chain processed as many transactions during this period. Solana has also processed more transactions in the past seven days than any other chain, with more than 59.55 million transactions processed within this time frame.
The growing interest in SOL is partly due to the meme coin ecosystem on the network. Solana has become the go-to platform for traders looking to make huge profits from meme coins, which have been the best performing crypto assets in this bull run so far.
Solana’s reputation as a home for meme coins has even attracted celebrities Australian rapper Iggy Azalea, Caitlyn Jenner and Andrew Tate to the network. With this in mind, it seems only a matter of time before Solana’s price responds positively to network growth and ever-increasing network activity.
Time to buy SOL?
Crypto analyst Altcoin Sherpa suggested that this could be a good time to buy Solana, ahead of the rapid price increase that the company could enjoy soon enough. The analyst said he expects “bigger things” for SOL later this year. For now, he expects Solana to continue to chop between $185 and $120 and continue to witness a “prolonged crisis.” period of consolidation.”
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This consolidation period is usually a good time for investors to accumulate the crypto token as coins tend to have an advantage parabolic uptrend consolidate after a while. Meanwhile, Altcoin Sherpa claimed that this consolidation period is healthy for Solana given the massive run it has already had, reaching a yearly high of $209 on March 18. About how Solana can rise says Altcoin Sherpa previously predicted that the crypto token will rise above $500 this year.