Solana is one of the top-performing cryptocurrencies on a day when most cryptocurrencies are in the red. As of 11:47 GMT+3, Solana was trading at $192.38, up 12%. Solana’s rising price has pushed its market capitalization to $85 billion.
Genesis Day Putting All The Spotlight On Solana
Solana’s rally comes as it celebrates Genesis Day, spotlighting Solana and its ecosystem. The celebration of Solana Genesis Day has highlighted just how much Solana has grown in just a few years.
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Solana currently boosts 276 billion transactions, over 1600 validators, and 254 million blocks. It shows that more people are increasingly choosing Solana both for launching tokens and trading. It also validates the resilience of the Solana network despite all the challenges it has gone through, including network outages that many analysts have written off.
🎉Happy Genesis Day 2024 to all who celebrate!🎉
276+ billion transactions.
1600+ validators.
254+ million blocks.Thank you to all the builders around the globe who have made Solana what it is today — 4 years in, we’re just getting started🫡 pic.twitter.com/3lV0eR2yxk
— Solana (@solana) March 16, 2024
Low Fees Attracting Investors To the Solana Ecosystem
The Solana ecosystem has increasingly become a favorite for many investors because of its low fees and transaction speeds, which are nearly instantaneous. The element of fees is one of the significant factors driving activity levels on Solana. That’s because it allows even the most minor investors to try their hand at crypto. For instance, with Solana meme coins, even someone with as low as $20 can buy some of the popular Solana meme coins. This is impossible with many of Solana’s competitors as the fees would eat into most of the money, sometimes turning out higher than the investment itself.
Even better is that Solana makes it easier for developers to launch tokens. Yesterday, Solana Playground, Solana’s platform for testing and launching Dapps, announced that it was adding priority fees. This is a big deal as it will help reduce congestion and allow more high-quality Dapps to emerge from the Solana ecosystem.
AI Tokens Now Launching On Solana
Investors are also excited that AI-focused projects are now choosing Solana at a time when AI is the in-thing across markets. Yesterday, Solana announced on X that Parallel Colony, an AI powered game was launching on the Solana network. Such projects show the strong adoption of Solana as a launchpad for high-quality products, not just meme coins.
Breaking News: @ParallelTCG will launch their new AI-powered game, @ParallelColony, on Solana! 🎮🔥
AI agents will be able to autonomously transact onchain in this entirely new kind of survival game. More👇 https://t.co/mFYek4oyiT
— Solana (@solana) March 15, 2024
A combination of growing network usage driven by favorable metrics such as low fees and the media spotlight on Solana as it celebrates Genesis Day have all played a role in making Solana one of the best-performing cryptocurrencies today.
Solana Goes Parabolic With Buyers Firmly In Control
Solana has made a parabolic price move this month and is nearly testing $200.
If Solana pushes through $200, which it looks all set to do in hours due to the rising buying volumes, the next level to watch will be the all-time high of $258.97. FOMO could quickly push Solana to $500 or more within the weekend if this price level is broken.
However, if bulls lose momentum and cannot push Solana through the $200, a key psychological resistance level in the day, then two scenarios could play out. The first is a possible consolidation between $200 and $190. However, if bears take control and push Solana through $190, now key intra-day support, a correction to $126.65 could be imminent.
Solana Price Prediction – Why Solana Could Test All-Time Highs Today
By the momentum Solana has built up today, it could test its all-time high of $258.97 today. Several factors support such a price move. One of them is that Solana has been gaining consistently throughout the month and seems unaffected by the broader market correction that started on Thursday. This means investors seeking to maximize on gains could FOMO into SOL and sustain the upside momentum.
There is also the fact that the Solana ecosystem is growing at an accelerated pace. This is evident because Solana’s largest DEX, Jupiter, handles more transactions than Uniswap. With many high-performing cryptocurrencies, especially meme coins, now coming out of the Solana ecosystem, the odds are that the demand for Solana will remain strong.
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