Solana’s Retail Surge: Will $250 Be the Next Milestone for SOL?

Juhi Mirza
Source: Bitcoinist

Solana has lately been busy breaching new milestones and price markers. SOL is currently the most trending token in the market, inviting a flurry of trader and investor activity. This development has recently been acknowledged by analytics platform Messari, which dubbed Solana the top choice for retail users in its latest Q1 2024 report.

Rife with new promising projects, Solana is breaching new thresholds by establishing market dominance in all its related verticals. The network’s ongoing expansion is inviting a variety of user influxes, which could eventually catapult its price to new highs.

Also Read: Solana Price: How Profitable Is SOL Currently?

Solana’s Key Achievements in Q1, 2024

Solana SOL

According to Messari, Solana has become a “primary home for retail users and meme projects.”

“Solana’s average daily spot DEX volume increased by 319% QoQ to $1.5 billion. Solana has become the primary home for retail users and meme coin traders.”

The network has noted a staggering spike in its project development metrics. In Q1, projects built on Solana raised nearly $89.2 million. Furthermore, the network’s TVL rose by 232% QoQ, helping Solana beat its contemporaries in the domain.

“Solana DeFi TVL increased by 232% QoQ to $4.9 billion, ranking it fourth among networks. Lending and yield protocol Kamino jumped from Solana’s fourth largest to the top DeFi protocol by TVL. Its lending protocol ended the quarter with almost $1.3 billion in TVL, an 811% QoQ increase.”

However, the report also acknowledged Solana’s network woes, which, per the network, are currently under work to help deliver a smooth network experience.

“The increased network activity led to congestion issues, which are being addressed in upcoming networking, scheduler, and fee market upgrades. Although unrelated to the high activity, the Solana network suffered its first outage in almost a year.”

Also Read: Solana (SOL) Price Prediction After Bitcoin Halving

Solana April Forecast: Is $250 In Sight For SOL?

With a stunning deliverable report circulating in the market, Solana users are hoping for SOL to hit a new price milestone soon. The positive report outlines Solana’s recent extensive efforts that are fueling user sentiment and approach. According to CoinCodex, the pace at which Solana is currently expanding could surge by 200% by the end of April or the first week of May 2024.

“According to our current Solana price prediction, the price of Solana is predicted to rise by 227.34% and reach $579.19 by May 8, 2024. Per our technical indicators, the current sentiment is neutral, while the Fear & Greed Index is showing 76 (extreme greed). Solana recorded 18/30 (60%) green days with 8.66% price volatility over the last 30 days.”

The platform further shared that Solana may surge by 48% by April 11, breaching the coveted $250 price milestone.

“The Solana price forecast for the next 30 days is a projection based on the positive and negative trends in the past 30 days. Based on these Solana projections, SOL will be changing hands at $262.57 on April 15, 2024, gaining 48.40% in the process.”