Solans Bullish $SOL

A new milestone was just hit by Solana in the month of December, as the cryptocurrency maintains its pattern of unprecedented growth throughout this year. Because of the nearly twofold increase in price that Solana has seen since the beginning of the month, its popularity among consumers has increased. Along the same lines as this pattern, the Solana blockchain has seen an amazing rise in the amount of user involvement over the course of this month.
Although there is still one week left in the month, the monthly activity level of Solana's addresses has surpassed its previous highest point this year, achieving a new milestone of over 16.45 million in December. This is despite the fact that there is still one week left in the month.
In the meantime, data that is stored on the blockchain indicates that the total number of new addresses that have been created in this month alone has surpassed 7.23 million. This rise in the number of new users flocking to the network may be an indication that the price of SOL is likely to reach $200 in the near future.
Solana's Increasing Activity and Utilization of the Network
More than most people would have anticipated, Solana's popularity has increased this year. Solana's market value increased as a direct consequence of this, and it quickly surpassed both XRP and BNB to become the most valuable cryptocurrency in the world.
On-chain statistics from The Block indicates that the number of active addresses associated with Solana has been increasing since October, peaking at 981,380 daily transactions on December 21. This represents a new yearly record for the cryptocurrency. In the meanwhile, the number of transactions that took place in December attained a new all-time high of 16.45 million, exceeding the total of 15.24 million that was recorded in January.

Since November, when the trading volume for Solana was $86.86 billion, the current trading volume for this month is $183.99 billion, representing a 111% growth from that amount. Additionally, the blockchain has exceeded Ethereum in terms of DEX volume for a period of seven days for the very first time in history. The entire value that is locked on Solana's DeFi protocols is estimated by DeFiLlama to be $1.492 billion, which is a 580% increase over the $210.47 million that was locked on January 1.

What Possible Effects Could Increased Network Usage Have On The Price Of Solana
Solana's popularity and worth are soaring as a result of the increasing number of individuals that engage with the network on a daily basis. The usefulness of Solana is increased, and the SOL token becomes more valuable and useful as a result of the active addresses' ability to carry out transactions, stake SOL, and engage with decentralized applications (dApps) on the blockchain.
Within a period of thirty days, the price of BONK, which is Solana's first dog-themed meme token, has increased by 314%. This surge is particularly noticeable in BONK in particular. On the other hand, Solana just achieved a new maximum price for the year, which was $117.
Due to the fact that the cryptocurrency has not been able to achieve this price level since November 2021, reaching $200 would be a significant milestone for SOL. Although the present indicators indicate that there will be more activity in order to reach this price point in the near future, the first level of resistance is located around the price level of $116, and the next level is located around $136.
With a significant break over $136 and a strong overall optimistic feeling in the cryptocurrency industry in 2024, Solana would have the opportunity to continue going higher without any restrictions.
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