Solana blockchain continues to make waves in the crypto market as it breaks new records in network usage and experiences significant price momentum. Cyber Capital founder and CIO Justin Bons highlighted Solana’s recent performance, sparking discussions about further bullish rally for SOL price.
Justin Bons Spotlights Solana Blockchain’s Performance
Bons stated, “SOL is breaking new records today, with usage topping out at a whopping 1511 True TPS. This is more than all other chains COMBINED!” Bons further explained that even after accounting for consensus and failed transactions, Solana’s True TPS remains strong at “1284,” reaffirming its leading position.
Solana price has surged significantly since early November, riding the bullish wave seen across the crypto market. The rally is largely driven by Bitcoin’s ascent past $108,000, which has lifted overall investor sentiment. Analysts remain optimistic about Solana’s potential, with speculation around its future price, including projections that SOL could eventually hit $1,000.
SOL is breaking new records today, with usage topping out at a whopping 1511 True TPS
This is more than all other chains COMBINED!
Even if we deduct for consensus TXs & failed TXs; (1511×0.85=1284): SOL still comes out on top
Hate SOL all you want, but do not deny its success: pic.twitter.com/eqnNAdDNKW
— Justin Bons (@Justin_Bons) December 17, 2024
Reaching this milestone requires a 360% surge from Solana’s current price levels. At the time of writing, SOL is trading at $225.48, marking a 3.45% increase in the last 24 hours and a 5.28% gain over the past week. Short-term targets are more conservative, with crypto analysts projecting a move toward $300.
What’s Next for SOL Price?
A bullish setup for Solana price has emerged despite recent doubts in the market. Analysts point to a falling wedge pattern, a technical formation often signaling a bullish reversal. A key resistance level, once a major barrier, has now been confirmed as support. This shift could pave the way for a breakout.
The falling wedge pattern suggests that Solana price could target new highs near $300 if bulls regain control. The speculation surrounding potential Solana ETF approvals and the rising popularity of meme-based tokens like WIF have further fueled interest in SOL. These developments, combined with Bitcoin’s record-setting rally, may drive Solana toward new highs.
While $300 remains a plausible short-term target, reaching $1,000 will require sustained bullish sentiment, ETF approvals, and market momentum. For now, Solana continues to strengthen its position as a leading Layer 1 blockchain, building confidence among investors and raising expectations for the future.
Also Read: Solana Price Rally to $300 Faces Headwinds Amid Whale’s Multi-Million Cashout
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