Solana Achieves Record 66.9 Million Daily Transactions Amid Market Recovery

Solana is currently trading at $216.95, experiencing a minor intraday decline of 0.37%. Despite this slight decrease, Solana demonstrates strong fundamentals and resilience.

Solana's Price Trend

Solana's price trend shows a falling-channel pattern on the 4-hour chart. The SOL price struggles to surpass the overhead resistance trendline, indicating a bullish failure at this critical level. A reversal occurred from $226.71, aligned with the 38.20% Fibonacci level, while the price has dropped to the 23.60% Fibonacci level but maintains support above the psychological mark of $215. Multiple rejections at this level signal potential bullish activity.

The 4-hour RSI line is moving sideways below the halfway point, suggesting a possibility of bullish recovery. A bullish divergence in the momentum indicator indicates potential short-term upward movement. Conversely, the 50 and 200 exponential moving averages have formed a death cross, indicating possible bearish continuation towards the $200 psychological level.

Record Network Activity

The Solana network has achieved a new all-time high, with daily transactions reaching 66.9 million, surpassing all other chains. This increase in activity highlights Solana's growing dominance in the blockchain ecosystem.

BREAKING: @Solana daily transactions (non-voted) hit a new all-time high, surpassing all other chains combined.

Transactions: 66.9 million pic.twitter.com/e1RByWQ6Nc

— SolanaFloor (@SolanaFloor) December 18, 2024

Additionally, Solana has surpassed Ethereum and Binance Smart Chain in DEX trading volume, achieving a 24-hour trading volume of $5.441 billion compared to Ethereum's $2.562 billion and Binance Smart Chain's $2.319 billion.

BREAKING: @Solana surpasses the combined 24-hour DEX trading volume of Ethereum and Binance Smart Chain. pic.twitter.com/fg8BZnsnAR

— SolanaFloor (@SolanaFloor) December 18, 2024

SOL Price Targets

If bullish momentum continues, the price may challenge the overhead resistance trendline and the 38.20% Fibonacci level near $226. An extended rally could push the price towards the $250 mark. If it closes below $215, a retest of $203.27 is likely, adding pressure towards the $200 psychological level.

In summary, as Solana regains bullish momentum, it reflects resilience amid market fluctuations, with significant network growth indicating potential bullish targets for the upcoming year.