{"id":392676,"date":"2024-05-17T15:00:43","date_gmt":"2024-05-17T09:30:43","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=392676"},"modified":"2024-05-17T11:45:56","modified_gmt":"2024-05-17T06:15:56","slug":"solanas-2024-can-sol-lead-the-altseason-this-summer","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/solanas-2024-can-sol-lead-the-altseason-this-summer\/","title":{"rendered":"Solana&#8217;s 2024 &#8211; Can SOL lead the altcoin season this summer?"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><em><span style=\"font-weight: 400;\">Solana is currently among the best performing cryptos in the top-15<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><em><span style=\"font-weight: 400;\">Strong bullish sentiment within the community could help SOL&#8217;s price too<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">It is no secret that <a href=\"http:\/\/ambcrypto.com\/predictions\/solana-price-prediction\" target=\"_blank\" rel=\"noopener\">Solana<\/a> (SOL) has been making waves in the crypto-market for quite some time now. The entire crypto-community loves SOL, and its memecoins have been making investors and traders alike remarkable profits. So much so that the community is dubbing 2024 summer \u2018Solana Summer,\u2019 anticipating the altcoin to trigger the highly-expected altseason.\u00a0<\/span><\/p>\n<h4><b>Solana\u2019s network has never been healthier<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">It has been reported that Solana\u2019s network is the best-performing one in the industry at the moment. According to on-chain <\/span><a href=\"https:\/\/twitter.com\/LeonWaidmann\/status\/1790931093342023732\"><span style=\"font-weight: 400;\">analysis<\/span><\/a><span style=\"font-weight: 400;\"> by Leon Waidmann, Solana&#8217;s total economic value, which includes transaction fees and MEV, has surpassed that of Ethereum&#8217;s mainchain.<\/span><\/p>\n<p><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solan1.png\"><img decoding=\"async\" class=\"aligncenter wp-image-392677 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solan1.png\" alt=\"\" width=\"1200\" height=\"611\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solan1.png 1200w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solan1-300x153.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solan1-1024x521.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Solan1-768x391.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/a><\/p>\n<p>Additionally, d<span style=\"font-weight: 400;\">ata from <\/span><a href=\"https:\/\/www.coinglass.com\/currencies\/SOL\"><span style=\"font-weight: 400;\">Coinglass<\/span><\/a><span style=\"font-weight: 400;\"> revealed that open interest in Solana has risen by over 1% in the last 24 hours, bringing it to about $2.1 billion. Its trading volume has hiked by about 41% too, adding nearly $8 billion into its market cap.<\/span><\/p>\n<figure id=\"attachment_392678\" aria-describedby=\"caption-attachment-392678\" style=\"width: 2048px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOL2.png\"><img decoding=\"async\" class=\"wp-image-392678 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOL2.png\" alt=\"\" width=\"2048\" height=\"527\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOL2.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOL2-300x77.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOL2-1024x264.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOL2-768x198.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOL2-1536x395.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOL2-1200x309.png 1200w\" sizes=\"(max-width: 2048px) 100vw, 2048px\" \/><\/a><figcaption id=\"caption-attachment-392678\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The trading activity also revealed that there is typically strong buying interest when prices are lower. If you look at the end of the chart, there is a very strong sign of the return of Solana bulls, clearly confirming that Solana really is at the top right now.<\/span><\/p>\n<h4><b>Examining SOL\u2019s price performance<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">AMBCrypto analyzed TradingView\u2019s data for Solana\u2019s performance since the year started. The data revealed that starting in early 2024, SOL projected a strong upward movement, peaking around mid-February when the general market was bullish. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">After the peak, there was a notable decline with several bearish consecutive weeks of price drops for the coin.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Initial resistance was around the $220-mark, where the price peaked before turning south. Following the peak, the price stabilized and found support at around the $160-level, as indicated by the latest green candlestick that signifies a rebound or consolidation around this price.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The recent recovery around the $160-support level could suggest that prices might begin to stabilize or potentially increase if additional buyer momentum enters the market.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The upcoming week will determine if the rebound will sustain itself or if the downward trend will resume. Watch for a potential resistance retest around $180-$190 as a sign of sustained recovery strength in the short-term.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As for whether SOL might trigger a bull run or not, the general agreement based on data and community sentiment is &#8211; It might.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Solana is in a good position now. Can it be in a better position a few months down the line though?<\/p>\n","protected":false},"author":90,"featured_media":392680,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,6376,20],"tags":[6427],"class_list":["post-392676","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-solana-news","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Solana&#039;s 2024 - Can SOL lead the altcoin season this summer? - AMBCrypto<\/title>\n<meta name=\"description\" content=\"It is no secret that Solana has been making waves in the crypto-market for quite some time now. 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