Some pointers on the string paint a bullish picture Solana (NO), which suggests that it could be a great time to buy the crypto token. This is in line with Solana’s price movement on the chart, with technical analysts predicting that an uptrend may be on the horizon.

Solana is enjoying greater adoption

Data from IntoTheBlock market intelligence platform shows that the number of daily addresses on the Solana network is growing at an impressive rate. On June 11, transactions were made to over 1 million up-to-date addresses Solana Network. This development is significant because SOL may experience rapid price increases in the future as more and more up-to-date users continue to trade online.

Huge growth that he is enjoying Solana Network it also resulted in a larger trading volume on the network, which is also beneficial for the crypto token. Data from DappRadar shows that there has been a 62% augment in transaction volume on the Solana network in the last 24 hours, with over 8.83 million transactions processed during this period.

Interestingly, Solana stands statuesque in this metric because no other network processed so many transactions during this period. Solana also processed more transactions than any other network in the last seven days, with over 59.55 million transactions processed during this period.

The growing interest in SOL is partly due to the meme coin ecosystem on the web. Solana has become the platform of choice for traders looking to make huge profits on meme coins, which have been the best-performing crypto assets in this bull market so far.

Solana’s reputation as the home of meme coins has even attracted stars such as Australian rapper Iggy Azalea, Caitlyn Jenner and Andrew Tate go online. With this in mind, it seems to be only a matter of time before Solana’s price responds positively to its network expansion and ever-increasing online activity.

Time to buy SOL?

Altcoin Sherpa cryptocurrency analyst suggested that now might be a good time to buy Solana ahead of the meteoric rise in prices it may soon enjoy. Analyst he said expects “bigger things” for SOL later this year. For now, he expects Solana to continue to cut between $185 and $120 and simply continue to see a “long-term crisis” consolidation period“

This period of consolidation is usually a good time for investors to accumulate a crypto token, given that coins tend to be popular parabolic growth trend after some consolidation time. Meanwhile, Altcoin Sherpa said this period of consolidation is robust for Solana considering the massive run it has already had, hitting a yearly high of $209 on March 18. As for how Solana could rise, Altcoin Sherpa previously predicted that the crypto token will rise above $500 this year.