Following the recent market drop that brought many altcoins to their yearly lows, Solana (SOL) also fell by over 10% to the $112 range. However, analysts remain hopeful for Solana’s mid-term price growth. Before the recent drop, Solana tested a $135 resistance level. This resistance level formed after the price growth from the $125 demand area, but due to the Bitcoin decline, SOL decreased along with other altcoins. Nonetheless, the increase in active network addresses and growing interest in future Solana transactions indicate the beginning of an upward trend for this cryptocurrency. Analyst Ali Martinez believes that if the $135 resistance is broken, Solana could move towards $144 and $165. Otherwise, SOL may drop back to the $100 range, which has historically acted as a support level and could prevent further price declines. Solana network activity growth is one of the factors that can impact the demand increase for this cryptocurrency. In the past two weeks, the number of active network addresses has increased from 2.77 to 3.3 million. Additionally, Solana registered $8.77 billion in transactions in March, indicating a gradual recovery of network activity. On the other hand, interest in future Solana transactions is also increasing. The volume of open positions has grown by 1.88% to $4.88 billion, indicating traders’ optimism towards Solana’s upward movement. Furthermore, the funding rate, which was negative for a while, has now reached 0.0034%, showing that traders are more inclined towards long positions. Overall, Solana moves with the market, and if Bitcoin and other altcoins grow, SOL will also rise. Traders should now monitor important levels and enter trades with precise confirmations. On the momentary digital currency price page, you can view the prices of all tokens and cryptocurrencies live and in real-time.
