Solana has recently recorded some minor gains that rise by 5.05 % in the past seven days. However, this fair positive form follows a period of a significant decrease in the market in the past thirty days. According to the famous market analyst Ali Martinez, Solana is in a good position to maintain her current rising direction with some possible goals of the possible price on the horizon.
225 dollars or $ 264: How high is a shoe to fly?
in Modern job In X, Martinez presented a bullish prediction in the Sol market that alludes to multiple goals. These positive expectations depend on REECKING FIBONACCI levels and the formation of a parallel channel on the Sol/USDT chart.
According to the encryption analyst, Solana is generally moving in an upward channel indicating a total budget trend despite the decline in the last market. Interestingly, Altcoin has now wore from the lower border of this channel at $ 197.87 (0.618), indicating a possible support zone.
Therefore, Martinez assumes Sol preparing to collect prices according to its location on the emerging channel. With adequate purchase compression, Altcoin tends to fracture over $ 225 (0.786) with the possibility of trading up to $ 264. According to Fibonacci levels, a huge increase in demand for Solana can stimulate the distinctive symbol to the highest new level ever at $ 355 (1.414).
Instead, if Sol decreases to less than $ 197, that is, the emerging canal, the next main support is about $ 181 (0.5). In the appearance of overwhelming selling pressure, perhaps due to negative macroeconomic developments, the currency can decrease to $ 125 (0).
Solana maintains the dominance of fees on Ethereum
Since January 9, Solana has been constantly registered average transaction fee for 7 days from Ethereum, according to a report By Crypto Analytics Glassnode Company. While the dominance of Solana was weakened in February, there is still a difference in weekly transactions fees with more than $ 3 million. Higher sharing in the network and user sharing from Ethereum.
In general, this development can be attributed to the high market activity in the Solana Memecoin that produced high -value symbols such as Trump. However, ETHEREUM remains the most valuable smart contract platform with the maximum market worth $ 329.7 billion to support dominant projects in the DEFI and NFT space.
At the time of writing this report, Sol is trading $ 199 after earning 1.92 % last day. In larger time frames, Altcoin has risen by 3.20 % in the past seven days. With the maximum market for $ 98 billion, Solana continues fifth in the fifth largest encrypted currency in the world.
Distinctive image from Istock, tradingvief chart
