Solana price steady above key support as active addresses, fees jump
Solana price held steady this week as the number of active addresses, transactions, fees, and decentralized exchange volume rose.
Solana (SOL) rose to $135 on Friday, up over 40% from its lowest level this month, pushing its valuation to nearly $70 billion.
The volume of assets traded by Solana’s DEX protocols has continued rising this week. According to DeFi Llama, the 24-hour volume jumped to $2.27 billion, much higher than Ethereum’s (ETH) $1.52 billion. Its weekly volume was $16.14 billion, also higher than Ethereum’s $12.36 billion and BSC’s $6.5 billion.
Nansen data shows that the number of active addresses jumped by 17% in the last seven days to 29 million. In contrast, Tron had 5.9 million addresses, Ethereum had 1.86 million, and BSC had 4.9 million.
Additional data shows that the number of transactions processed by Solana increased to 374 million. These transactions are higher than those on the other blockchains combined. Solana’s network generated over $7.67 million in fees, up 42% from a week earlier.
Solana’s network also performed well as some tokens in its ecosystem rose. Pudgy Penguins token jumped by 12% in the last seven days, while Popcat (POPCAT) has soared by 10%.
Solana has also gained after Janover, an American real estate technology company, continued acquiring the tokens. It purchased SOL worth $10 million, bringing its total holdings to $21 million.
Solana price technical analysis
The daily chart indicates that the SOL price bottomed at $94.65 earlier this month and subsequently rebounded to $135. It has moved above the key support at $120, which it failed to break below several times since 2024.
The MACD and the Relative Strength Index have continued to rise. The RSI has moved above the neutral point at 50, while the MACD is about to cross the zero line. These oscillators suggest more gains ahead, potentially to the psychological level at $150, up 12% from the current price.
From there, the price may bounce back to the key resistance level at $170—the lowest point in January. A drop below the support at $120 would invalidate the bullish outlook.
