Solana (SOL) Marks 4th Year Anniversary with 70% Price Rally

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Solana (SOL) price is surged above $197 on Saturday, March 16, up 70% within the monthly time-frame. As the Layer-1 network marks its 4-year anniversary, on-chain data shows that Solana is attracting euphoric levels of media buzz.

Can the bulls capitalize on this Solana fiesta to drive the SOL price rally above the $200 mark for the first time since 2021.

Solana Celebrates 4th “Genesis Day” Anniversary

Four years ago today, on March 16, 2020, Solana (SOL), a major layer-1 blockchain network, started its mainnet operations. The global Solana community has rolled out major events to commemorate the 4th Genesis day, while SOL price sits on a 70% growth within the monthly timeframe.

The Solana Foundation kicked off the “Genesis Day” celebrations with a post on X (Twitter), outlining the major milestone attained in the last 4 years.

In the announcement shared by the team, the blockchain network has processed 254 million blocks that included 276 billion transactions within its 4 years of operation, with over 1,600 node validators currently dedicating resources to secure the Proof of Stake (PoS) network.

Over the years, SOL has become a major player across different sectors of the crypto economy including Decentralized finance (DeFi.)

Thanks to its high transaction throughput and low fees,  Solana is home to 248 decentralized applications (dApps), according the latest data from DappRadar tracker.

Furthermore, DeFilamma data also shows that Solana now has approximately $4 billion worth of crypto assets deposited across it DeFi protocols. That figure gives SOL 4% market share of the global DeFi economy which is currently worth about $102 billion cumulatively.

With the recent launch of its native decentralized exchanges, Jupiter (JUP) and Raydium, Solana has witnessed a significant boost if DeFi volumes, outpacing the likes of Arbitrum (ARB), Optimisim (OP) and Polygon (MATIC)

Solana Price Prediction: The $200 resistance could cave any moment

After 4-years of trading, SOL, the native cryptocurrency and gas asset of the Solana blockchain, has reached a market cap over $85.5 billion, to become 5th ranked crypto asset globally, ahead of the likes of Ripple (XRP) and Cardano (ADA)

On March 16, SOL price broke out towards $197 as the anniversary celebrations kicked off. But the Bollinger band technical indicator suggests that the price could swing further above $200 in the coming days.

As seen below, after 68% gains in March 2024, Solana price now sits above the upper-limit of the Bollinger band indicators. This rare market alignment is often a signal of overwhelming bullish momentum.

If the bulls can establish a steady support base above $200 in the days ahead, the 4-year anniversary celebrations could form a catalyst for the next phase of the rally toward the next milestone target at $250.

But, on the flip side, if the bears seize the occasion to book profits, Solana price could tumble towards $100 again. However, the bull can regroup and form a dominant support buy-wall at the 20-day SMA price mark at $141.