Solana Price Analysis: Can Rising DApp Revenue Revive Bullish Momentum?
Solana price has shown signs of weakening after breaking its pattern of higher lows, but remains within its long-term uptrend channel with potential upside towards $250-$255. According to recent data, Solana-based DApps generated over $141 million in revenue in September, outperforming all other L1 and L2 blockchains. This surge in revenue could provide the necessary fuel to revive bullish momentum and push the price towards its short-term target.
The recent breakdown of the higher low pattern around $190 on the daily chart suggests that buyers have lost control of short-term price movements, allowing sellers to push the market into the diagonal support zone marked by the ascending trend line. However, the fact that the same area was already acting as resistance at the end of May reinforces the confluence, strengthens its role as support, and further supports the continuation of the broader uptrend.
Driving Factors Behind Solana Price
While Solana price showed signs of a weaker uptrend, the underlying fundamentals remain bullish. The significant revenue generated by Solana-based DApps in September is a testament to the growing adoption and popularity of the Solana ecosystem. The majority of the revenue came from Pump.fun, which accounted for nearly $68 million, followed by Axiom at about $34 million.
Moreover, Solana is also seeing notable adoption among publicly traded companies adding SOL to their coffers. According to CoinGecko’s Solana Treasuries tracker, there were more than 13.4 million SOL – about 2.46% of the circulating supply – held by publicly traded companies as of early October. The largest holder is Forward Industries, which currently holds about 6.82 million SOL.
Source: @SolanaFloor
Conclusion and Future Outlook
In conclusion, while Solana price has shown signs of weakening, the rising DApp revenue and growing adoption among publicly traded companies could provide the necessary fuel to revive bullish momentum. As the price remains within its broader uptrend channel, it is likely aiming for the top of the ascending channel, currently in the $250-$255 range. For more information and updates on Solana price, visit https://crypto.news/solana-price-eyes-250-near-term-target-after-brief-weakness-as-dapp-revenue-hits-ath/
