Solana Potentially Rises Ahead Of Thetensive Conference, Prices Can Reach IDR 2.5 Million

Solana has the potential to increase ahead of theference, the price can reach IDR 2.5 million (Photo; Doc. U.Today)

JAKARTA - Solana (SOL) has experienced a significant increase in daily activities on its network. With just ten days ahead of Solana Badminton's annual conference which will take place on September 20-21, 2024, investors are increasingly optimistic about the potential for an increase in SOL prices. Given the historical trend, SOL tends to strengthen ahead of the event.

Reporting from Fxstreet, on Tuesday, Solana recorded an increase of 0.5% driven by a surge in daily active addresses on its network. According to data from Artemis, Solana experienced the largest daily active address growth in one day, with an additional 5.4 million new addresses. This growth is a positive signal for investors hoping the SOL price can penetrate the key resistance level of 136 US Dollars (Rp2.09 million) and shot up to 163 US Dollars (Rp 2.5 million).

In addition to daily active address growth, daily transactions on the Solana network also showed an increase. On September 8-9, Solana's daily transactions jumped 22% to 40.3 million. This increase is expected to boost the recovery of Solana's network costs, which had declined since last August. Currently, the network costs are around 595 thousand US Dollars (Rp 9.1 billion), the figure that was last recorded before the 'frenzy meme coin' in March.

On the other hand, Solana's decentralized trading volume on the decentralized exchange (DEX) decreased by more than 27% in August. However, if the volume of DEX and network costs increased again ahead of theference conference, the potential for an increase in SOL prices would be even greater.

Since the last few years, the price of SOL has increased significantly ahead of theference conference. Analysts note that in 2021 and 2022, the price of SOL will rise by about 35%, while in 2023, SOL will jump to 60% ahead of the event. Usually, during conferences such asturbations, various projects in Solana's ecosystem make announcements of new products, which often trigger price spikes. This makes investors optimistic that SOL will strengthen again in the coming days.