"Fulamak is going up like crazy, have those of you who hold SOL sold and made a profit?"
Investors must have been surprised after seeing the Solana cryptocurrency (SOL) climb massively where its price finally managed to break the $126 level on December 25, 2023 from $67 on December 18.
This is because the increase in gas fees in the Ethereum (ETH) ecosystem has encouraged users to explore blockchain platforms that have lower transaction costs and thus have a positive effect on the price of SOL.
As proof, SOL's active address climbed nearly 400% in the last three months compared to a 3% increase in ETH while SOL's decentralized exchange volume peaked drastically this week.
Like to be informed that airdrops on the SOL chain, especially memecoin BONK, are a big cause of the increase in addresses and their daily active prices, plus the lower transaction costs of the digital asset have facilitated the creation of new addresses where the fee is below $0.01.
Not only that, the surge in SOL price was also triggered when there was an inflow of funds of about $10.6 million on December 16, 2023 while the inflow of $12.1 million this month saw the highest in the crypto market.
Through observation, SOL has formed higher highs but the volume has made lower highs and this means that the price may indicate potential selling in the future,
The streak, SOL can make a further decline up to $66 if the price goes below $100, but it should be known that the digital asset can continue to rise up to $157 if it can break through $130.
As of this writing, SOL price has surged by 7.73% to $118.96 in the last 24 hours with a market capitalization of over $5 billion then recorded a 56.96% increase over the last week.
