Surging Demand on Solana Pushes SOL Toward Bullish Breakout
Solana's mainnet has seen a major upswing in engagement throughout April, as user activity surged across the board.
The network’s throughput, fee volume, and total earnings all reflected this increased momentum, hinting at growing adoption and real-time usage. This spike in on-chain activity has also given SOL, the network’s native asset, a significant price lift—rising roughly 16% over the past month.
So far, the bullish trend appears to be holding strong, and if current conditions persist, SOL may be poised to keep gaining in the short term.
Data from Artemis shows that Solana has processed more than 99 million transactions since April began—marking a 12% increase in daily activity compared to the prior month. This flurry of usage has driven up both fees and revenue: network fees climbed 35%, while fee-based income rose 26%.
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As more users flock to the platform, the need for SOL tokens—used to pay fees and interact with dApps—has naturally increased. This growing utility has helped push the price of SOL higher, reinforcing a pattern where network activity directly impacts token value.
Chart indicators point to a favorable short-term outlook. Solana’s Directional Movement Index (DMI) currently shows the bullish +DI line sitting above the bearish -DI line, signaling positive price momentum. If this setup continues, SOL could target a move toward $171.88 in the coming days.
Still, the outlook isn’t without risk. A slowdown in network engagement could reduce demand for SOL, putting pressure on its price. If it slips below its current support around $142.59, a drop toward $120.81 could follow.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
