Solana’s Soaring Popularity
Solana’s network popularity has significantly increased over the past week with daily transaction volumes surpassing new records. According to data, the decentralized exchange (DEX) trading volume on the Solana network exceeded $2 billion for four consecutive days from March 3 to March 6. Notably, trading activity reached an all-time high of $2.85 billion on March 5, as reported by Wu Blockchain on X.
The heavy activity on the Solana blockchain has resulted in some network congestion issues over the past few days. However, many traders and analysts remain optimistic about Solana’s long-term prospects. Bluntz, a cryptocurrency analyst, stated in two separate tweets that he believes Solana is gearing up for its “next leg up” and subsequent “revenge pump” in price.
- Bluntz pointed out that Solana’s USD trading pair has formed an accumulation pattern.
- Its Bitcoin trading pair has developed an “abc zig zag” pattern, implying an upwards breakout is imminent.
- He argued that most traders seem to have given up on Solana after its recent consolidation phase but the coming price surge could catch many by surprise.
Technical Breakout Confirmed
In another positive development for Solana investors and supporters, analyst Rekt Capital tweeted that Solana has now confirmed a breakout from an ascending triangle pattern on its price chart against the US Dollar. As per CoinMarketCap data, Solana’s price rose over 14% in the past 24 hours to reach $149.02, providing credence to the analysts anticipating the next bullish move.
Long-term Solana Proponents
Long-term Solana proponent Ansem opined that backing from Pantera Capital, one of the earliest and largest cryptocurrency funds, signifies how bullish the long-term Solana outlook is. He pointed out that Pantera was buying Bitcoin when it was valued under $100 back in 2013, highlighting their status as “OGs of OGs” in the crypto space. Ansem has remained a staunch Solana supporter since its price was seven times lower than the current levels.
Promising Fundamentals Fuel Optimism
While network congestion remains a near-term concern, analysts and investors expect Solana to make its next big move higher in line with its promising fundamentals and ecosystem growth. The combination of increasing on-chain activity, supportive technical patterns, and endorsements from seasoned investors paint an optimistic picture for Solana’s medium to long-term prospects.
