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Solana Price Targets $500 Breakout with DApp Revenue Hitting New Highs
The Solana price has plummeted over 4% to trade at $213, a seemingly temporary pullback for market buyers to regain recovery momentum. Despite the sudden decline, crypto analysts believe that this is an opportunity for a massive reversal.
According to Coingecko, Solana’s market cap stands at $102.5 Billion, with 24-hour trading volume of $6.6 Billion.
As highlighted by Syndica research, Solana’s ecosystem has achieved a record-breaking $365 million in total decentralized application (DApp) revenue for November. The primary driver of this unprecedented revenue was Pump.fun, which emerged as Solana’s first DApp to exceed $100 million in monthly revenue, reaching an astonishing $106 million.
The decentralized exchange (DEX) platform Raydium contributed significantly to the ecosystem, generating $32 million in revenue during the same period. Additionally, Jupiter, a perpetual contract platform, recorded $17 million in revenue.
The impressive revenue growth reflects the broader adoption of Solana-based applications, which could have a significant impact on SOL price.
A cup and handle formation is setting the stage for a potential breakout above $500. The altcoin has witnessed a long U-shaped recovery over the past three years under the influence of this classic reversal pattern. In the last four weeks, the SOL coin witnessed the pattern’s temporary correction phase— Handle — which plunged the asset from $264 to $207.
If the pattern holds true, the sellers could extend the price correction from $187 to $170, seeking suitable support for a reversal. If successful, the buyers will drive a 25% recovery to challenge the $260 neckline resistance.
Source: www.cryptonewsz.com
