The Bullish Run of Solana Continues with Encouraging Price Patterns

Solana’s price has shown strength this week as it climbed back up amidst a broader crypto market rebound. The SOL token reached $163.8 on Friday, marking a significant recovery of 32% from its recent low point. The resurgence of Solana coincided with positive on-chain data indicating the network’s robust performance.

According to DappRadar, Solana’s network metrics such as unique active wallets, volume, and transactions have all been on the rise. This positive trend is further supported by the rally of meme coins on Solana, like Dogwifhat and Bonk. Additionally, Solana continues to dominate the decentralized exchange (DEX) sector, with impressive trading volumes surpassing popular tokens like Dogecoin and Shiba Inu.

DEX data reveals that Solana networks have facilitated over $13.2 billion in transactions over the past 7 days, outperforming Ethereum in trading volume. Leading DEX platforms on Solana such as Raydium, Orca, and Jupiter have been contributing significantly to this growth.

Technical Analysis and Optimism among Traders

Traders are showing optimism for Solana’s future price performance based on several encouraging technical patterns. First, the symmetrical triangle pattern forming near its confluence hints at a potential bullish breakout. The double-bottom pattern at $120.50 further reinforces the bullish sentiment, with Solana consistently staying above the 200-day Exponential Moving Average (EMA).

Furthermore, momentum indicators like the Relative Strength Index (RSI) and Money Flow Index (MFI) suggest that Solana has room for further upside before becoming overbought. The token’s position at the 61.8% Fibonacci Retracement level also sets the stage for a potential jump to the $200 resistance point, its peak in May.

With these positive indicators in place, traders and analysts are closely monitoring Solana’s price movements, anticipating a continuation of its bullish run in the near term.