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Solana’s price hovers around $142 as the blockchain network experiences a surge in activity, marked by the tripling of active wallets from 1 million to 3 million within a week. This dramatic increase in usage suggests growing interest in the Solana ecosystem.
As highlighted by WizCat, a popular cryptocurrency analyst, the stagnation in SOL’s price has likely been driven by smart money entering the market during this period. The subsequent break above $137 may have sparked a buying frenzy, sparking a nearly 7% price increase and reaching as high as $140 before stabilizing.
Furthermore, Solana’s total value locked (TVL) has also risen to $6.85 billion on March 24, indicating an increase in the value of assets locked within decentralized finance (DeFi) applications built on the Solana blockchain.
Moreover, Solana has also integrated with Polymarket, a decentralized prediction market that now allows users to deposit funds using SOL tokens. This development is likely to attract new users and enhance activity within the Solana ecosystem, as noted by WizCat in their tweet. After this announcement, Solana’s price increased significantly.
In addition, there has been an increase in whale accumulation, with the number of large holders growing to at least 5,031 from 5,008 in the past week. This growth in large holdings remains below the level seen earlier in March.
However, if Solana fails to break through the $150 resistance level, it may return to support levels of $135 or lower due to bearish momentum and weakening RSI (Relative Strength Index).
Source: https://blockonomi.com/solana-sol-price-network-activity-surges-with-active-wallets-tripling-to-3-million/
