Solana protocol fees jump as SOL targets more upside

Title: Solana Network Fees Surge and SOL May Rise Above $60

As of November 23, 2023, journalist

Activity on Solana Network
The Solana protocol’s fees have increased by 103% in the last 30 days, reaching $131,100 on November 22nd, compared to $99,724 on November 14th. This surge in fees indicates increased activity on the Solana network.

More fees, no downside
Similar to ethereum, Solana’s fees are determined by network congestion and historical throughput. Half of each transaction fee is burned, while the rest goes to validators processing the transactions. Despite having lower transaction fees compared to ethereum, the increase in fees points to heightened activity on the network, with daily active users increasing by 132%.

SOL Price and Technical Indicators
The broader market recovery has helped SOL reclaim $58.16, and technical indicators suggest a potential rise above $60. MS2 Capital mentioned that the $57.55 level could be crucial for SOL, with a possible drop to $46.48, but High-Frequency Trading (HFT) could help SOL increase its gains.

SOL Looks to the Sky
The Relative Strength Index (RSI) reading above 50 indicates a potential continuation of SOL’s uptrend, while the Aroon Up and Aroon Down indicators suggest a new uptrend may be underway. This could lead to profitable entries around $58 to $60 while targeting a mid-term upside.

Future Outlook for Solana
The recent surge in Solana’s network fees and the positive technical indicators point to a potential rise in SOL’s price. If the current buying momentum continues, SOL’s chances of hitting $70 might become more feasible.

### News source:

See also  Curve Founder Proposes Venus Protocol on Ethereum

By Team