"SOL does look like it has potential, is there anyone here who can buy it at a cheap price?"
Immediately after the pullback at $103, the price of the Solana (SOL) cryptocurrency once again climbed up to $140 despite its network facing congestion issues amid high trading activity.
Through observation from March 3 to March 6, 2024 on the SOL network, its trading volume managed to exceed $2 billion for four consecutive days while its trading volume broke the record of $2.85 billion.
There is no denying that the increase in trading activity has caused transactions in the chain to increase which can contribute to the congestion, but the increased activity also emphasizes the growing interest and involvement in the SOL ecosystem.
Following that, the crypto exchange Binance also announced its decision to temporarily suspend the issuance of SOL on Wednesday yesterday.
Examining the SOL chart, the price has exhibited a strong upward trend characterized by consistent higher lows and higher highs, so here it can be seen that there is continuous buying interest by investors.
It is well known that the SOL support zone is between $115 and $104 and it should be noted that the recent upward price movement has been driven by significant trading volume which indicates active market participation including reinforcing the positive outlook.
Due to SOL's scalability and cost-effectiveness making it an attractive option for developers and investors, it could contribute to further higher SOL prices in the near future.
As of this writing, SOL price has surged by 6.00% to $139 in the last 24 hours with a market capitalization of $61 billion then recorded a 13.26% climb over the last week.
