Solana On-Chain Indicators Suggest A Return Of Bullish Sentiment, Is It Time To Buy SOL?

Something on-chain references paint a bullish picture of Solana (SOL), suggesting that this could be the best time to buy a crypto token. This is consistent with Solana’s price movement on the chart, with technical analysts predicting that an uptrend may be imminent.

Solana Enjoys More Discovery

Data from market Intelligence platform IntoTheBlock shows that the number of daily addresses in the Solana network has been growing at a remarkable rate. On June 11, more than 1 million new addresses were used in Solana Network. This development is important as SOL can enjoy future price increases as more new users continue to trade on the network.

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The great growth enjoyed by Solana Network it also translated to a large trading volume on the network, which is bullish for the crypto token. The data from DappRadar shows that there has been a 62% increase in transaction volume on the Solana chain in the past 24 hours, with over 8.83 million transactions processed during this time.

Interestingly, Solana stands tall in this metric, as no other chain has processed this many jobs at this time. Solana also processed more transactions than any other chain in the past seven days, with more than 59.55 million transactions processed during this period.

The growing interest in SOL has been partly due to the meme coin ecosystem on the network. Solana has become a platform for traders looking to capitalize on meme coins, which are by far the best performing crypto assets in this bull run.

Solana’s reputation as the home of meme characters has also attracted celebrities such as Australian rapper Iggy Azalea, Caitlyn Jenner, and Andrew Tate on the network. Keeping this in mind, it seems only a matter of time before Solana’s price responds well to its network growth and ever-increasing network activity.

Time to Buy a SOL?

Crypto Altcoin Analyst Sherpa suggested that now might be a good time to buy Solana before the meteoric price rally, which I soon enjoyed. Analyst said he expects “big things” for SOL later this year. In the meantime, he expects Solana to continue cutting between $185 and $120 and continue to witness “longer. compilation time.”

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This consolidation period is usually a good time for investors to accumulate crypto tokens, considering that coins tend to enjoy parabolic uptrend after combining time. Meanwhile, Altcoin Sherpa said that this period of integration is healthy for Solana, given the huge run that has already taken place, rising to $209 per year on March 18. As for how Solana can rise, Altcoin Sherpa which was predicted earlier that the crypto token will rise above $500 this year.