Solana (SOL) has been on a strong upward trajectory, recently breaking above $200 and hitting an intra-day high of $204, bolstered by a broader crypto market rally.
This surge follows the U.S. election results, where Donald Trump secured a second presidential term, fueling optimism across digital assets.
Bitcoin, in response, reached a record high above $77,000, with analysts projecting it could soar to $100,000 by 2025. This political shift has sparked renewed bullish sentiment for Solana and other cryptocurrencies.
Additionally, Solana’s rise is underpinned by a notable increase in validator profits, with daily revenues surpassing $30 million since a recent network upgrade improved transaction efficiency and reward distribution.
Solana’s Network Upgrade Spurs Validator Earnings and SOL Price Growth
Solana’s network has recently undergone substantial improvements, pushing the price of its native token, SOL, above $200 for the first time since 2021.
This surge has led daily validator earnings to exceed $30 million, up from around $22 million in September, reigniting interest in the network. Validators—responsible for transaction verification—are now seeing greater returns, supported by the latest software upgrade, v2.0.14.
This update has enhanced transaction speed and efficiency, with validators benefiting from “maximal extractible value” (MEV) rewards and a new scheduler that optimizes transaction handling.
Despite the current validator count of 1,358 being lower than a year ago, recent improvements have attracted new nodes, adding 58 since late September.
The increased validator earnings and network enhancements are bolstering confidence in Solana’s continued growth.
Daily Technical Outlook: Solana (SOL/USD) – November 9, 2024
Solana’s bullish momentum appears to be approaching a crucial test, as it flirts with the 161.8% Fibonacci extension level around $200.88.
A nervous hammer pattern near this zone hints at potential exhaustion, raising the likelihood of a corrective pullback.
Nevertheless, if SOL/USD sustains upward pressure, it could advance toward the next Fibonacci target at $211.66, with support at $183.44 potentially cushioning any decline.
The Relative Strength Index (RSI) remains in overbought territory, suggesting a pause may be on the horizon. The recent consolidation near resistance points to caution as the uptrend matures.
Key Insights:
- Immediate Resistance at $200.88; next target at $211.66.
- Overbought RSI suggests potential corrective pressure.
- Key support level at $183.44 may attract buying interest.
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The post Solana Poised for Breakout After Software Upgrade Boosts Validator Profits – Will It Hit $1,000? appeared first on Cryptonews.
