Solana bulls are attempting to regain the upper hand in SOL price, an effort which is clearly reflected in the network’s DApp usage.
SOL price faced a setback at the $210 level, but consistent DApp activity suggests traders are not abandoning the Solana network.) 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 , making a long-term bearish outlook on SOL’s price difficult to support.
After Ethereum's DenCun hard fork on March 13, which reduced fees for its layer-2 scalability solutions, competition among memecoin launches intensified. This upgrade led to a surge in Ethereum’s, with a 77% increase in decentralized applications volume in a week, as reported by DappRadar. Consequently, the Ethereum ecosystem has become more competitive for memecoin launches, potentially diminishing the focus and spending power of Solana users.
Analysts point out that the significant issuance of tokens to cover Solana's substantial validator costs, effectively inflating the supply of SOL, is a major concern. Additionally, the large volume of tokens held by the bankrupt FTX exchange's estate poses a sell-off risk in the near future. Despite these factors, the Solana's DApps activity growth suggests no apparent weaknesses, indicating that the $165 support level should hold in the near term.
Despite these factors, the Solana's DApps activity growth suggests no apparent weaknesses, indicating that $165 is likely to remain an area of support. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.3 reasons why Binance’s BNB could rally to a new all-time highBitcoin ETFs make Coinbase a ‘honeypot’ for hackers and governments: Trezor CEO
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