Solana (SOL) price predictions have sudden become much more bullish in wake of the cryptocurrency breaking above key technical resistance levels, and amid a surge in on-chain activity that saw Solana’s largest decentralized exchange (DEX) Jupiter surpass Uniswap in terms of 24-hour trading volume over the weekend.
The Solana price moved back above $100 on Monday for the first time in 11 days.
It has now broken convincingly back to the north of its 21DMA and a downtrend that had been in play going back to the December highs in the $120s.
Solana (SOL) Price Chart / Source: TradingView
As per CoinGecko, 24-hour volumes on Jupiter were last around $585 million.
That’s barely behind the multi-chain Uniswap protocol’s 24-hour volumes of $620 million.
Uniswap is lauded as one of the Decentralized Finance industry’s best success stories.
So the fact that Jupiter has caught up is a big deal for the protocol, as well as for the Solana blockchain.
For reference, the recent surge in Jupiter trade activity has mostly been driven by airdrop related excitement.
Jupiter will an airdrop of 40% of the supply of its native JUP token on Wednesday.
Jupiter volumes have also been high recently after it launched an airdrop of a joke meme coin called WEN to poke fun at Solana users who had been incessantly asking when Jupiter would drop its JUP token, and to act as a test run of the JUP airdrop.
27% of the unclaimed WEN supply was just burnt, as per solscan.
Solana Price Prediction – A New High for SOL Incoming?
Jupiter-fuelled airdrop hunting is helping to power on-chain activity on Solana back to new yearly highs.
As per data presented by The Block, the 7DMA of new addresses on Solana just hit a new record high above 450,000.
Meanwhile, the 7DMA of active addresses is fast heading back to yearly highs at 1,000,000.
Likewise, the 7DMA of value moved on chain is also rebounding and was last at just under $40 billion.
Positive on-chain trends plus positive technical developments suggest a strong likelihood that the Solana price quicky hits new highs.
Price predictions are thus bullish, with traders targeting a return to the $120 for the Solana price.
If the Solana price is able to break above here, a quick retest of the April 2022 highs in the $140s is likely.
Solana (SOL) Price Chart / Source: TradingView
Crypto Alternatives to Consider
Solana coins can offer huge potential returns.
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If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 15 of what the project deems as the best crypto presales of 2023.
See the 15 Cryptocurrencies
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