Some recent forecasts indicate that the price of the crypto Solana (SOL) could rise towards $170, with the possibility of reaching $1,000 by June.
In addition, Solana leads the market with 91 million daily transactions, surpassing Ethereum, according to a report by CoinGecko.
On the other hand, Phantom Wallet has reached the third place in the utility category on the Apple App Store, and many cryptocurrency experts see this as a bullish indicator for Solana.
Let’s see below all the details.
Summary
The crypto Solana (SOL) towards new price targets: forecasts by June
The crypto Solana (SOL) is currently trading at around $172.84, recording a decrease of 0.53% in the last 24 hours, with a daily trading volume of $2.19 billion.
Ranked fifth, Solana has a market capitalization of $77.59 billion and a circulating supply of 448.92 million SOL coins.
On the 4-hour chart, the key pivot point is at $171.79, crucial for short-term price action. Immediate resistance is at $176.66, followed by $183.26 and $188.53.
On the downside, immediate support is at $165.72, with further levels at $156.75 and $151.08. The relative strength index (RSI) is at 73, indicating overbought conditions.
The 50-day Exponential Moving Average (EMA) is at $155.79, supporting the overall bullish trend. The bullish channel confirms this trend, but the resistance around $175 could represent a significant barrier.
If Solana remains above the pivot point of $171.79, it could support its bullish momentum. However, a drop below this level could trigger a selling trend, bringing the price towards supports at $165.72, $156.75, and $151.08.
The market response at these levels will be crucial in determining the short-term price direction. Solana’s technical outlook remains positive as long as it stays above the pivot point of $171.79.
The immediate resistance at $176.66 will be the first obstacle to overcome, followed by $183.26 and $188.53. The high RSI suggests caution, as overbought conditions could lead to a pullback.
The 50-day EMA at $155.79 provides a solid foundation for the upward trend currently in place.
Solana leads the blockchain market with 91 million daily transactions
Solana has proven to be the fastest blockchain among the main ones, processing an incredible number of 91 million transactions in just one day.
According to a recent update from CoinGecko, on April 6th Solana recorded a daily average of 1,504 transactions per second (TPS) during the memecoin frenzy.
This makes it 46 times faster than Ethereum and over five times faster than Polygon, which is the fastest scaling solution of Ethereum.
Despite its position as a leader in speed, Solana has only reached 1.6% of its theoretical maximum speed of 65,000 TPS.
The increase in transactions has caused congestion on the network, raising questions about Solana’s ability to achieve higher real TPS after the upcoming updates.
The second fastest blockchain, according to the report, is Sui, another platform not based on Ethereum Virtual Machine (EVM), which reached a real TPS of 854 in July 2023 thanks to the popularity of the on-chain game Sui 8192.
Other non-EVM blockchains include TON with 175 TPS and Near Protocol with 118 TPS. On the other hand, Aptos has recorded 49 TPS, Starknet 12 TPS, Bitcoin 11 TPS, and Thorchain 2 TPS.
Non-EVM blockchains have outperformed EVM and EVM-compatible blockchains with an average peak TPS of 284, compared to just 74 average TPS of the 17 top EVM-based blockchains.
Binance Smart Chain (BSC) has distinguished itself as the fastest among EVM blockchains, reaching a real TPS of 378 on December 7, 2023, thanks to the increase in on-chain activity.
Polygon, the main scaling solution for Ethereum, reached 190 TPS on November 16, 2023, resulting in being 8.4 times faster than Ethereum itself.
Phantom Wallet conquers third place on the Apple App Store: what does it mean for Solana?
The cryptocurrency Phantom Wallet portfolio recently reached the third position on the Apple App Store in the utility category, just behind Google and Google Chrome apps.
Crypto commentators suggest that this rise could indicate a bullish future for the Solana (SOL) token, as Phantom Wallet was originally launched as an exclusive wallet for Solana.
The cryptocurrency entrepreneur Evan Luthra commented on X on May 19 as follows:
“It seems like the SOL season will be great! Which SOL coins should I buy?.”
The crypto influencer Borovik has added:
“Phantom wallet is the third most important utility app, I am so bullish on cryptocurrencies and Solana.”
Phantom Wallet has recently surpassed seven million monthly active users, as reported in a post on April 29 on X. The crypto community usually sees an increase in monthly users as a sign of broader adoption.
Currently, Phantom Wallet is ranked 32nd among all categories in the Apple App Store, behind X and the artificial intelligence chatbot ChatGPT. Although initially designed for Solana, Phantom Wallet now also supports Bitcoin, Ethereum, and Polygon.
The cryptocurrency trader Shear believes that if the exchange Coinbase, currently ranked 288th, and Phantom Wallet were to enter the top 10 of the Apple App Store, it could mark a market peak.
Shear, in a post on May 18th, stated:
“These are my favorite indicators, I will sell everything when they are both in the top 10.”
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