Nearly 289.75 million transactions have been processed on the Solana blockchain this month, which is just a bit below its all-time high of 291.6 million, according to data from Solscan.
Right now, Solana’s native token, SOL, is trading at $262 after gaining 5% today alone, with the potential to hit $300 before the end of this month
The increase in activity is partly due to executive orders from President Donald Trump, who is now commonly referred to as the “crypto president.” These orders have been widely received by the crypto space
Solana has also attracted a lot of interest worth billions of dollars in investment and from traders since the president and his wife launched the $TRUMP and $MELANIA Coin.
Solana’s stablecoin supply is also at an all-time high of approximately $11 billion. The amount of new wallets created in a day have also gone up with 5.2 million new wallet addresses. There are currently 5.3 million active wallets aside from the new addresses.
Moreover, the network’s Total Value Locked (TVL) in decentralized finance (DeFi) has climbed from $1.28 billion a year ago to $12.20 billion which is an increase of 870%. It climbed by 25% alone last week due to meme coin hype.
If we look at the chart, the SOL/USDT pair is performing well. The price is currently consolidating between $278 and $229. The Relative Strength Index is just above average at 62, which indicates that buyers are dominating the market.
If the price of SOL breaks above its ATH, it can go as high as $310. However, if it falls below $229, it could start a bearish trend.
Right now, the price has dropped below the 20-period Exponential Moving Average (EMA20) on the 1-hour chart.
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