Even though Solana (SOL) is witnessing a ranging market, the sixth-largest cryptocurrency based on market capitalization is witnessing an uptick in active monthly users as they edge closer to the all-time high (ATH) level of 160 million.
Some of the key factors contributing to this surge include Solana’s broader ecosystem and developer engagement, thanks to the network’s high speed and ultra-low fees to the tune of $0.02.
Solana is also known to experience a beehive of meme-coin activity, contributing to its high monthly usage.
Solana Remains Locked in a Consolidated Market
According to market analyst Crypto Joe, “SOL has been chopping in a sideways range for over a year — bouncing between Fib levels and shaking out the weak hands. $140 remains the key level to hold for any real continuation upward.”
The analyst added that Solana’s ranging market is not a sign of giving up because the one-year sideways grind is a volatile base-building phase.
At the time of this writing, Solana was hovering around the $146 zone, and the altcoin’s consolidation between the $140 and $160 zones was intensifying.
As previously reported by ZyCrypto, popular crypto analyst AltcoinGordon recently opined that the next leg up for Solana would be violent to the extent of surpassing Bitcoin’s recent all-time high (ATH) move.
With seven providers already filing for Solana exchange-traded funds (ETFs), time will tell how SOL plays out in the short and long term. This development has the potential to spur heightened institutional investments.
