Solana (SOL) Token Makes Headlines in the News
Solana’s price has surged past $100 on January 18th, indicating a potential rally towards $120. This comes as investors shift their focus towards altcoins following the approval of the Bitcoin spot ETF. Layer-1 projects like Solana, Ethereum, and Cardano have experienced increased demand this week.
Solana has seen a significant increase in network usage, with its daily active user count reaching its highest level since 2024 on January 17th. This suggests that the recent growth in Solana is driven by genuine demand for products and services on the network, rather than speculation. As more users participate in the network, the demand for the native token, SOL, is likely to increase, leading to a potential price rally towards $120.
Additionally, Solana node validators are earning record profits, indicating a surge in network usage. The fees paid to Solana proof-of-stake validators have significantly increased in recent days. This could incentivize stakers to stake more SOL coins, reducing the circulating supply and potentially amplifying the price rally.
From an on-chain perspective, Solana’s price surge is supported by rising network usage. The parabolic stop and reverse (SAR) indicator further confirms this bullish trend, suggesting a potential move towards $120. However, a downside risk exists if the bears manage to push the price below $90. Nevertheless, with the increasing network demand, it is likely that the price will avoid a significant downturn in the short term.
Overall, Solana’s price is expected to continue its upward trajectory, driven by the growing network usage and bullish indicators. Traders can anticipate a breakout towards $120 in the coming days.
