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Have Fun With A Quiz in Gate Chat Group & Unlock Big Rewards!
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#Solana #SOL #Crypto #ContentStar
What's Behind Solana's (SOL) Price Up Today?
Solana's SOL price is on the rise today, boosted by both technical and on-chain factors. With SOL currently at $159, up by approximately 4% in the last 24 hours and 32.6% from its recent low, the crypto's resilience is evident. Solana's network activity is a standout, representing over 30% of daily transactions across major layer 1 and layer 2 networks. Moreover, its total transaction fees surged by about 417%, surpassing competitors like BNB Chain and Tron. Solana's TVL in smart contracts also saw a significant 19% increase over the last week, coinciding with a 15% price uptick. From a technical standpoint, SOL has reclaimed a crucial support level, indicating a potential breakout. The MACD's recent cross is seen as a buy signal, suggesting further upside potential. If SOL maintains momentum, it could aim for a 28% recovery toward the neckline of a v-shaped chart pattern around $202. However, failure to stay above key support levels could pose downside risks toward $139 or $125.