SOL price faced a setback at the $210 level, but consistent DApp activity suggests traders are not abandoning the Solana network.
Solana’s native token, SOL (SOL), experienced a 45% surge over a week, hitting a high of $210 on March 18. Although SOL price hasn’t reached its November 2021 all-time high at $260, it has gained 58% over the last 30 days. This performance surpasses that of Ether (ETH) and Avalanche’s AVAX (AVAX), which have increased by 12% and 30%, respectively, during the same period.
Solana remains firmly in place as the fifth-largest cryptocurrency by market capitalization and the third in terms of total value locked (TVL), making a long-term bearish outlook on SOL’s price difficult to support. Nevertheless, this doesn’t assure that SOL’s price will stay above $165 in the short term, so investors should examine on-chain metrics to see if the bullish trend is likely to persist.
The view that SOL’s 18% drop since March 18 has reversed the bullish trend is challenged by the fact that SOL’s price dipped below $165 for less than an hour on March 20, showing significant support. With Bitcoin (BTC) unable to maintain above $70,000, leading to speculation of an altcoin season, both bullish and bearish arguments have their merits.
