Solana Holds Firm Above Key Support as On-Chain Metrics Surge

Solana’s price remained resilient this week, maintaining strength above a critical support level, as activity across its blockchain ecosystem continued to accelerate. The token climbed to $135 on Friday, marking a more than 40% rebound from its early April lows and bringing its market capitalization close to $70 billion.

Momentum in Solana’s decentralized finance (DeFi) ecosystem has notably intensified. Data from DeFi Llama reveals that decentralized exchanges on the Solana network processed $2.27 billion in trading volume over the past 24 hours—surpassing Ethereum’s $1.52 billion. Over a seven-day span, Solana’s DEX volume reached $16.14 billion, outpacing Ethereum at $12.36 billion and BSC’s $6.5 billion.

User activity on the network also saw a substantial uptick. Blockchain analytics firm Nansen reported a 17% rise in active addresses over the last week, totaling 29 million. That figure dwarfs competitors like Tron (5.9 million), Binance Smart Chain (4.9 million), and Ethereum (1.86 million).

Transaction throughput has reached remarkable levels, with Solana handling 374 million transactions over the week—more than all other major blockchains combined. This surge also translated into higher revenue for validators, with network fees increasing by 42% to hit $7.67 million.

The growing interest is reflected in the price action of tokens within the Solana ecosystem. Notably, the Pudgy Penguins token rallied by 12%, while Popcat jumped 10% in the past seven days.

Investor confidence has also played a role in SOL’s recent gains. Janover, a U.S.-based real estate tech company, continued accumulating the token, adding $10 million worth of SOL to its portfolio. Its total investment now stands at $21 million.

From a technical standpoint, SOL has bounced strongly off its monthly low of $94.65. It has consistently respected the $120 support level, which has held firm throughout 2024. Momentum indicators such as the Relative Strength Index (RSI) and the MACD suggest further upside. The RSI has moved above the neutral 50 line, and the MACD is poised to cross into positive territory—both signs of bullish continuation.

If upward momentum continues, Solana could challenge the $150 psychological barrier in the near term. Beyond that, bulls may set their sights on $170, a major resistance level last tested in January. However, a dip below the $120 support could threaten this bullish trajectory.