The technical and the fundamental overview of Solana are very bullish. Despite being bullish on all fronts, Solana prices still struggled to break past the $150 level. However, with strong fundamentals and institutional adoption, the coin is set to go berserk.
Solana, the Ethereum killer, is exhibiting bullish signals on the fundamental and technical parameters. The unique active addresses on the Solana network have seen a massive surge since the last week of December. The number of unique users has spiked to 3 million as of the present, up from just above 1.8 million in late December.
Unique active addresses (UAAs) are a key metric for understanding activity on the Solana network. When UAAs increase, it indicates that more addresses—representing individuals, traders, or entities—are interacting with the network, whether through trading, staking, or using DeFi protocols. An increase in confidence in the SOL network could also boost the price of Solana.
It’s not just that unique active addresses on Solana surged; the network also climbed to become the second-most active blockchain in terms of development activity, highlighting strong ecosystem growth and developer engagement.
Rising development activity on Solana indicates that more developers are actively building, updating, and improving projects on the network, signaling a healthy and growing ecosystem. This surge in activity reflects not only the launch of new dApps, DeFi protocols, and NFT projects but also improvements to existing infrastructure, security, and functionality.
Solana sees a stablecoin influx of $800 million in 24 hoursÂ
With a massive influx of more than $800 million stablecoins within the last 24 hours, Solana captured the top spot among the top stablecoin supply changes listicle, which shows the increase of institutional adoption.
When combined with increasing unique active addresses and higher stablecoin inflows, it shows that Solana is attracting both users and builders, creating a cycle of adoption and innovation.
SOL finds resistance at $150 but will break above
On the daily chart above, Solana ended the 3-month-long downtrend on Christmas Eve and changed the direction of its price movement. Now the newly established uptrend has met resistance at the $150 price level. This is just another hurdle that Solana will overcome with its strong fundamentals.Â
Supporting this bullish thesis, the 20-day moving average is converging on the 50-day moving average (MA) above it. Once the intersection happens, traders expect the prices to have an avalanche. And, once Solana clears the $150 level, the next resistance will be the 200-day MA at $160.
