Solana price, a Layer 1 blockchain token, has surged significantly this month, driven by robust bullish momentum in the cryptocurrency market. November has proven to be a month of remarkable gains for SOL, with its price climbing by over 40%, signaling the potential for further upward movement. The cryptocurrency’s performance has drawn market attention as it broke through multiple resistance levels, sparking speculation about an impending breakout. Solana now challenging Ethereum in market dynamics.
Solana Price Ready to Rally As SOL dApps Flips Ethereum
Raydium, Jito, and Solana have emerged as the top contenders in the decentralized application (DApp) space. Solana-based protocols outperformed Ethereum in 30-day protocol fees for the first time, marking a significant milestone for the blockchain. This shift highlights the growing adoption of Solana’s ecosystem, especially among retail users.
Raydium, a leading decentralized exchange on Solana, generated a record-breaking $203.13 million in fees over the past 30 days. Jito, a staking-focused protocol, followed closely, raking in $199.61 million. Meanwhile, Solana secured $192.06 million, narrowly surpassing Ethereum’s $187.67 million during the same period.
#Solana passes #Ethereum in monthly fees – it’s over.
Accumulate $SOL under $300 for the markup. pic.twitter.com/9LJ85uQLNk
— MartyParty (@martypartymusic) November 28, 2024
Solana has officially surpassed Ethereum in monthly fee generation, marking a significant milestone in blockchain competition. Recent data shows Solana generating $183.46 million in monthly fees, overtaking Ethereum’s $181.42 million for the same period.
This development highlights the growing adoption and usage of the Solana blockchain, often praised for its scalability and low transaction costs. Investors and analysts closely monitor Solana’s performance, with some advocating accumulating its native token, $SOL, below $300 for potential upside.
JUST IN: Raydium, Jito, and Solana take the lead in 30D protocol fees, surpassing Ethereum and Circle for the first time. @RaydiumProtocol alone generated a record-breaking $200M in fees over the 30-day period. pic.twitter.com/Zs9OCXbsyS
— SolanaFloor (@SolanaFloor) November 28, 2024
SOL Price Forecast: This Pattern Hints Solana Could hit $1,300
Solana attracts the crypto market as a compelling technical setup suggests potential gains. Analysts highlight a bullish symmetrical triangle pattern, typically signaling a continuation of the prevailing trend. The SOL price is currently at $242, with a surge of 4%.
The resistance at $259 serves as a pivotal breakout point for the Solana price prediction. A sustained close above this level could validate the bullish trajectory. Conversely, critical support zones lie at $245 and $126. A breakdown below these levels would invalidate the bullish outlook, signaling a potential reversal in sentiment.
The broader market’s optimism adds to Solana’s momentum, reflecting a 900% rally from its previous consolidation phase. If the breakout confirms, the measured move points to a potential target near $1,300, aligning with historical patterns observed in similar setups.
Source: TradingView
Solana’s recent milestones, strong adoption, and bullish patterns signal significant upside potential. If key resistance levels hold, SOL could target $1,300. However, a breakdown below critical support zones may reverse sentiment, underscoring the importance of cautious, informed decision-making.
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