bullish

Solana

when

Rise

Monster

<p>Solana's price has displayed huge strength since the start, but the past weekend cleared the strong barrier preventing it from reaching $180. The token quickly surged above the crucial resistance zone between $159 and $161 at times when the volume remained restricted within a range. This suggests the rising dominance of the bull as the bears are either becoming passive or waiting for the right time to enter.&nbsp;</p>  
<p>The <a href="https://coinpedia.org/price-prediction/solana-sol-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">SOL price</a> broke out of the range, rising above the pivotal resistance as the volume soared by over 150% in a very short timeframe. As the trader’s attention has shifted over the crypto, here are a few reasons why the SOL price rally may hit a 4-digit figure in the upcoming bull run.&nbsp;</p>  
<h2 class="wp-block-heading" id="h-solana-trading-volume">Solana Trading Volume</h2>  
<p>The trading volume shows the number of Solana transactions. The rise in the trading volume suggests a rise in trading activity. This usually increases the volatility of the token, which indicates more traders are getting attracted towards the chain. In a recent update, the trading volume has risen since the first week of the month, suggesting a massive increase in the user’s interest.&nbsp;</p>  
<figure class="wp-block-image"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfysnsXlQlfy-Dwzhj_I7zfrHt9YovqIckCmR2LW7u1ApoUXH6s0cvb99vPqDq6styIxxbaJl5IrwiJZX5HemV371yPRRJeaariAxptNaSfJzj8rlCFOn5UqINQXfoOIIFbEzyrOYGT-GUz8z4WBir7M1U?key=nDyOKtUYJ6PE-sPYJD_LNA" alt="">
</figure>  
<p>The trading volume remained largely stagnant until the first week of October, being consolidated below $300 million to $400 million. Interestingly, the volume spiked close to $3 billion in the past few days, suggesting a massive interest of the market participants over the network. Although the volume has been consolidated, the possibility of a rebound remains high.&nbsp;</p>  
<h3 class="wp-block-heading" id="h-phenomenal-rise-in-daily-active-address">Phenomenal Rise in Daily Active Address</h3>  
<p>The number of active addresses is the count of the addresses transacting over the chain regardless of whether they were buying, selling or swapping. The rise or drop in the active address count indicates the trader's interest in the token, which may have a huge impact on its value.&nbsp;</p>  
<figure class="wp-block-image"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfN7V1UREsZiXsZyxymH1csaMpGzv6BhH-SwRo0DhiDEIC1hdJveEguXsUnhsiPKVggKSZPnNZpnwSVEOL1e_Up89agt9TZSJH9gRtWUmmJd2SGyydsbGJPTExKB7hSOLLGgwLUJkety8wKNeAQP4vpIEY9?key=nDyOKtUYJ6PE-sPYJD_LNA" alt="">
</figure>  
<p>The above chart shows the active address count ever since the trend rose above the prolonged consolidation in Q3 2024. Interestingly, the count rose by a huge number in September, which has reached a peak in recent times. However, the levels could continue to rise in the coming days, which may offer a fine bullish push to the SOL price.&nbsp;</p>  
<h3 class="wp-block-heading" id="h-network-fees">Network fees</h3>  
<p>The network fee is the amount to be paid to the blockchain to achieve the transaction's finality. More fees indicate more demand for the transactions on the blockchain, which causes congestion. Presently, the network fees are peaking, suggesting a rise in demand may occur that could elevate the levels beyond the yearly highs.&nbsp;</p>  
<figure class="wp-block-image"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcP2JPRNSt5ydd2aRWj3zVPQdhk03VOuMsXF31YIAkNAER2Q9hZvmlSOg8WqnZNh9W9YJ_9MsXPCd216Q4IsoK0cr0X9tDdwJOXQsv0KoWtj-EpxydTlzU83fFfvKNezTm8q0bJp8oOFi4Bpf0iYGsdSjk?key=nDyOKtUYJ6PE-sPYJD_LNA" alt="">
</figure>  
<p>As seen in the above chart, in the times when the SOL price marked an ATH in 2021, the network fees remained restricted below $325.55K, which dropped below $100K during the bear market. However, the beginning of 2024 marked a steep increase in the fee, which peaked at $4.95 million early this year. This suggests excessive trading activity, as the traders could be more confident of the next price action.</p>  
<h3 class="wp-block-heading" id="h-solana-sol-price-analysis">Solana (SOL) Price Analysis</h3>  
<p>The above-mentioned catalysts are expected to fuel the SOL price rally, which could form a new ATH above $275 with less interruption. However, the question arises whether the price will reach $1000 in the upcoming bull run. If yes, when will the price reach its peak?</p>  
<figure class="wp-block-image"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXepSw0WqpWHkqSON8cp9xAFPX0BErDEGnF0RHyLfn-PqXTNJ5I2ue4GbrPm25mVf29k8bQEGCOYFUm94RYrfyXayNAbmGziI7iPEa_uAN8DkJITFkqkzeTZdNHmmUbcQCYi6KflJCuFvqi5UOMT4yOApO1p?key=nDyOKtUYJ6PE-sPYJD_LNA" alt="">
</figure>  
<p>The above chart suggests the price is stuck within a descending parallel channel; however, the token is attempting a breakout as it heads towards the resistance. The volume remains within the average range, indicating enough participation of bulls and bears that may keep up the volatility. The RSI is displaying a similar recovery curve that it followed in the past few years but with a lowered intensity.&nbsp;</p>  
<p>Therefore, the Solana price, which is stuck between 0.5 FIB &amp; 0.786 FIB, is expected to maintain a consolidated ascending trend and reach the resistance around $180 in the next few weeks. Once the price rises above the descending consolidation and secures levels above 0.786 FIB, the next target could be to rise above the rising trend line, which is close to the current ATH at $260.&nbsp;</p>  
<p>This move is expected to trigger a fine upswing that could transform into a bull run further with the potential target of $336 initially and later at $427. The Solana (SOL) price is expected to rise and reach $500, setting new highs, but reaching a four-digit figure appears to be a difficult task, which could be made easier if the bull run intensifies in 2025.&nbsp;</p>

Solana’s Monster Move Loading: Top Reasons Why SOL Price May Reach $1000 in 2025

Table of Contents

CoinPedia News

Other articles published on Oct 21, 2024

Canary Capital Submits Landmark S-1 Filing for Litecoin ETF with SEC

Is First Neiro on Ethereum (NEIRO) Repeating the Same Pattern That Triggered a 150% Rally Last Time?

XRP and XLM Shape the Tomorrow of Payments with Unique Roles in Crypto Market

Crowdsourcing 2.0: Blockchain will restore trust in information | Opinion

World Liberty Fi Website Crashes Amid $6.5M Raise

Eighteen Individuals and Entities Charged in Massive Fraud and Crypto Market Manipulation

Join our free newsletter for daily crypto updates!