Jakarta, Pintu News – Although Solana has decreased in value today, May 13, strong fundamental analysis points to a potential price increase of up to $300.

On-chain data shows that the Solana blockchain has outperformed all other layer one and layer two networks, a bullish indicator for the token.

On Monday, the SOL briefly touched the $180 mark before experiencing strong rejection as traders took profits, which led the price back to $171.

Check out the full analysis here!

Bullish Outlook for Solana Price

Solana price is currently in a decisive phase, trying to break the resistance line of the ascending parallel channel that has rejected it several times. However, by successfully defending the centerline support, the chances of breaking the upper resistance are opening up, which could trigger further price gains.

In addition, a golden cross formation looks set to occur as the 20-day EMA moves up and approaches convergence with the 200-day EMA. If these two trend lines continue to show the same pattern and cross, this could trigger the next bullish phase for SOL prices past the $177 resistance level, towards the previous record high of $296, and potentially reach $300.

The RSI indicator also confirmed that momentum is still bullish, with a reading of 69 indicating strong buying pressure. This suggests that Solana (SOL) may soon cross $200.

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Solana Outperforms All Layer 1 and Layer 2 Networks

In terms of revenue generated by decentralized applications (dApps), the Solana blockchain has surpassed all other layer one and layer two networks last week. According to data from DeFiLlama, Solana’s revenue exceeded $50 million, with network dominance reaching 51.6%, more than three times that of Ethereum at just 14.23%.

This revenue growth is a bullish indicator for SOL prices as it could boost investor confidence and push up the price of the altcoin. Data from DappRadar also shows that in the last seven days, dApp volume on the Solana network increased by 50% to $1.61 billion, while transactions during the week reached $138 million.

This surge may be related to the SOL meme coin craze that has pushed their market capitalization above $14 million.

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Rising Open Interest Supports Bullish Case

Open interest for Solana continues to show an upward trend, and despite recent price drops, this metric continues to rise and recently reached $6.92 billion, the highest level since late January.

The increase in open interest indicates high confidence among traders that SOL prices will continue to rise. This underlines Solana’s positive price forecast, as the bulls target the next key level above $200 and reach a new record high above $300.

Therefore, as the Solana blockchain continues to grow and outperform other layer one and layer two networks, SOL prices may continue to trend upwards and potentially reach new highs above $300.

Conclusion

With a range of favorable technical and fundamental indicators, the upside outlook for Solana (SOL) looks very bright. The combination of strong price defense, increasing open interest, and dApp revenue dominance puts Solana in a great position to reach higher market values in the near future.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

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