Solana’s price remained steady this week as the broader cryptocurrency market rebounded, reaching $163.8 on Friday, its highest since June 7th. The Solana (SOL) token has surged by 32% from its lowest point this month, buoyed by robust on-chain data and increased network activity.
Data from DappRadar indicated a rise in unique active wallets, volume, and transactions. Solana’s meme coins like Dogwifhat and Bonk also saw rallies, and the network outperformed Ethereum in the decentralized exchange (DEX) market, handling over $13.2 billion in the past 7 days.
Traders are optimistic due to several technical patterns. Solana has formed a symmetrical triangle pattern and a strong double-bottom pattern at $120.50, both suggesting bullish trends. The token also remains above the 200-day Exponential Moving Average (EMA). Momentum indicators like the Relative Strength Index (RSI) and Money Flow Index (MFI) further suggest room for growth.
Strategically, Solana’s ability to maintain these patterns could push its price to the $200 resistance point, marking a significant milestone.
