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Solana’s Latest Surge Could Start a Bullish Wave — Will SOL Accelerate?

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Although Solana (SOL) has received criticism for some network glitches, that hasn’t stopped its progress in terms of technological advances.

General activity at Solana is starting to increase because of this and many other things. The number of daily active addresses on Solana has increased significantly by 150,000 over the past 24 hours, according to Step stats Insights statistics.

These events underpinned the increase in Solana activity over the past 30 days and contrasted the downward trend seen in Polygon and Ethereum in the same timeframe. Solana is also seeing success in the DeFi sector. According to Artemis’ analysis, Solana is seeing a huge increase in stablecoin growth. In this way, the Solana protocol is able to outperform important cryptographic opponents.

In addition, Solana’s total DEX volume increased. This results from the attention generated by well-known DEXs to the Solana protocol, including Saber. Data from Dapp Radar shows that Saber increased the number of unique active wallets on its platform by 61.14% over the previous week.

The TVL of the Solana network has also seen a significant increase as a result of the successful DEX performance. During this time, Stakers have also shown their trust in the Solana network. The latest information from Staking Rewards shows that over the past week, there have been 2.99% more Solana staking addresses. At the time of publication, there are a total of 608,394 stakeholder accounts on the Solana network.

However, the address does not convey the same passion when buying SOL. After testing the $26.03 barrier on April 17, Solana’s price is down 16.08% since then. Recently, the price of Solana has fluctuated between $24.05 and $20.77, with the control line point (red) indicating that most of the volume was at the $22.24 price level. Future price fluctuations for Solana may encounter resistance from this line.

At the time of publication, Solana’s Relative Strength Index (RSI) was at 48.40 and gradually rising, suggesting that the stock may be somewhat underbought.

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