In the past week, Solana (SOL) has attracted attention in the market with significant growth. Data shows that Solana’s price has increased by over 20% in the recent seven days and has now reached around $130. Solana’s weekly performance has led many traders to speculate about SOL reaching $300 in the coming months. By comparing Solana and Ethereum charts in 2021, Bitbull predicts that SOL will move towards new highs if the current trend continues, breaking the $300 resistance. However, market activities do not always go as bulls wish. Data analysis indicates a sharp decline in Solana network activity. Solana network fees have dropped from a peak of $35.5 million in January 20 to less than $900,000, showing a significant decrease in user interactions in protocols like Raydium. Additionally, the daily trading volume of decentralized exchanges has decreased by 93% to $2.17 billion. Therefore, for Solana to reach its historical records, it needs a resurgence in network activities and increased user participation, as mere price adjustments are not enough. You can track the prices of all tokens and cryptocurrencies live on the real-time digital currency price page.
