Solana At $105 Has Analysts Bullish: 'It Will Converge On Ethereum Faster Than Most Believe'

Solana SOL/USD surged 8% on Monday, trading once again above the psychologically important $100 threshold. Fundamental factors for the rise are increasing daily active addresses and a rise of meaningful applications on the Solana network. Technical indicators point towards a continuation of the bullish momentum.

What Happened: In the past 24 hours, Solana surged 8.7%, trading currently around $105. It is up 27.5%  week-over-week and 333.8% year-over-year. The past 24-hour trading volume witnessed a rally of 75.6% taking total volume beyond $3 billion.

Artemis data sows daily active addresses on Solana chain at 913.13K as of Jan.29, 2024, significantly higher compared to Bitcoin's BTC/USD daily active addresses of 677.98K and 394.64K on Ethereum’s ETH/USD.

Anza launched today. The new Solana-focused software development firm looks to develop its validator client, Agave, and join the list of core contributors helping build the Solana network. Separately, Solana's lending, liquidity and leverage venue Kamino is now enabled to trade NFT products.

It has onboarded automated vaults for MadLads, Claynosaurz, and OvolsNFT floor price tokens.

Also Read: Solana Addresses Rocket Past 10M, Analyst Targets $140: 'Ready For Upward Continuation'

Why It Matters: Solana is growing rapidly in terms of user adoption, decentralized applications, and overall ecosystem development.

Crypto trader Santiago R Santos stated on X that Solana’s boom is unlike the trend Ethereum followed in the ICO boom, which was due to whitepapers only. Solana has meaningful applications with usage and growth driving its growth. Thus, it will “converge on Ethereum faster than most believe.”

Altcoin hunter Wolf Of Altcoins tweeted a list of crypto gems that will make the next generation of millionaires. The list includes Solana with a target of 6x profit.

Trader, Bluntz took to X to state,

very clear impulsive rise from the lows on $SOL, there are some divs starting to brew though.

if the market is kind enough to give pullbacks, white box is the prime spot to add imo. pic.twitter.com/pMmSZHh8E4

— Bluntz (@Bluntz_Capital) January 29, 2024

Global macro investor Founder & CEO, Raoul Pal tweets, “I’m thinking that if $SOL clears $110 it’s headed to $160+ next.”

Seems to be working…

While I don’t trade and it makes no difference to me in the shorter term term but I’m thinking that if $SOL clears $110 it’s headed to $160+ next. But, I’m no good at short term charts so feel free to ignore…. https://t.co/ql9hf1d1IP

— Raoul Pal (@RaoulGMI) January 30, 2024

What's Next: Last week, Solana launched token extensions to enable developers to implement customization around the Solana token standard. Technical analysts see that it's time to become a SOL bull again. 

Now Read: WEN On Solana Airdrops Its Way To A $150 Million Valuation, Trader Makes $1.6M Buying Early

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