Solana (SOL) crossed the $180 mark today (October 29) as its price continues to surge. This growth in SOL price is similar to Ethereum (ETH) and Bitcoin (BTC) gains, indicating a possible bullish breakout.
Crypto analysts are suggesting a further surge in price as Solana has crossed critical and tough resistance levels. As long as it stays these resistance points SOL will continue to rise, says analyst Rekt Capital on X social media platform.
The digital asset has already gone through a downward trend in March and August this year which acted as a barrier, preventing further price hikes for Solana. However, the SOL token has now crossed those strong barriers.
Solana has also closed weekly above $175 which shows there is still room for growth if it goes steady. The SOL token’s price surge is supported by an increase in user activity across the network with Solana flipping Ethereum on daily transaction fees.
DeFi TVL aggregator Defilama revealed how Solana generated more than $2.95 million daily network fees because of the uptick in Raydium trading activities which ultimately caused it to flip Ethereum.
The monthly active addresses on Solana touched 107 million in October with 8.8 million addresses seen on October 22. This is due to a surge in popular meme coins activity and increased trading on decentralized exchanges (DEX).
Analysts forecast that the digital currency could reach its all-time high of $210.18 which was last seen in March this year but SOL could be slowed down by the $192-193 resistance levels.
As of October 29 evening, Solana has gained 4.35% in the last 24 hours to trade at $180.96 while its trading volume has increased by 22.30% to touch $3.82 billion. Meanwhile, the market capitalization of SOL has surged 4.28% to reach $85.10 billion.