Supported by a larger rise in the cryptocurrency market, Solana (SOL) has been on a solid upward trend, lately breaking above $200 and reaching an intra-day high of $204.
This spike comes after Donald Trump won a second term as president of the United States, which boosted confidence in digital assets.
In reaction, Bitcoin surged beyond $77,000 to a new high, and some predict it may hit $100,000 by 2025. There is now more optimism for Solana and other cryptocurrencies as a result of this political change.
A significant surge in validator income has also contributed to Solana’s growth; daily revenues have surpassed $30 million after a recent network update enhanced reward distribution and transaction efficiency.
Validator Earnings and SOL Price Growth Are Encouraged by Solana’s Network Upgrade
Recent significant advancements in Solana’s network have caused its native token, SOL, to rise beyond $200 for the first time since 2021.
Interest in the network has increased as a result of this spike, which has caused daily validator revenues to surpass $30 million, up from about $22 million in September. Thanks to the most recent software update, v2.0.14, validators—who are in charge of transaction verification—are now getting higher rewards.
With a new scheduler that improves transaction handling and “maximal extractible value” (MEV) incentives for validators, this version has improved transaction speed and efficiency.
Recent enhancements have drawn new nodes, adding 58 since late September, even if the current validator count of 1,358 is fewer than it was a year ago.
The network improvements and higher validator profits are boosting trust in Solana’s sustained expansion.
Solana (SOL/USD) Daily Technical Outlook for November 9, 2024
Around $200.88, Solana’s bullish momentum seems to be flirting with the 161.8% Fibonacci extension line, suggesting that a critical challenge is imminent.
The possibility of a corrective retreat is increased by a worried hammer pattern close to this zone, which suggests possible fatigue.
However, resistance around $183.44 may mitigate any loss, and if SOL/USD maintains upward pressure, it may go toward the next Fibonacci objective at $211.66.
Given that the Relative Strength Index (RSI) is still in overbought territory, a halt could be imminent. As the rally matures, the recent consolidation close to resistance suggests caution.
Important Takeaways:
- $200.88 is the immediate resistance;
- $211.66 is the next objective.
- An overbought RSI indicates possible pressure for correction.
- At $183.44, a key support level, buying activity can be generated.
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