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Founder of Crypto Capital Venture Dan Gambardello has taken to the X/Twitter social media platform to talk about the current Solana price pump and about the bull market overall.
He also warned Solana investors to be careful. Gambardello is a vocal Cardano (ADA) supporter, but he is not only focused on that coin, also favoring Bitcoin and many top altcoins.
SOL soars 25% over weekend
The recent activity surge on the Solana blockchain has pushed the amount of daily fees on the network close to $4 million, cumulatively showing a 754% increase per month. As a result, the SOL price has skyrocketed by almost a staggering 25% since Friday. By now, SOL has reached the $207 level. Since Monday, March 11, the increase has constituted a massive 50%.
Solana trading volumes on decentralized exchanges have also shown impressive rises, reaching new highs – more than $3.8 million, which is up 430% compared to February.
Another achievement demonstrated by the Solana network is the drastic increase in daily active wallet addresses; the surge has taken it above the 1.8 million level, which was last seen back in September 2021. Similarly to Ethereum, Solana has attracted multiple builders of meme cryptocurrencies. Among these cryptos is BONK, which has been rising recently.
Cryptocurrency trader and analyst Ali Martinez, popular on Crypto Twitter, has noticed that the TD sell signal on a SOL daily chart did not play out and was invalidated. He stated that this is a clear hint at a bullish outlook for SOL. Currently, Ali continues, SOL has surpassed $198, setting the stage for a potential new sell signal in the future.
The TD sell signal on #Solana daily chart has just been invalidated, hinting at a bullish outlook for $SOL. It pierced through the setup risk line at $198, potentially setting the stage for a new countdown toward another sell signal.
— Ali (@ali_charts) March 18, 2024
This breakthrough is akin to last December… pic.twitter.com/9m3ZqrhxKG
The analyst reminded followers that a similar scenario unfolded in December, when SOL invalidated a TD sell signal and demonstrated a 70% surge before it saw a sell signal ahead.
Gambardello's warning to SOL investors
Dan Gambardello also believes that a Solana rally is currently in full swing. “It is Solana season for sure,” he tweeted.
He encouraged those who missed jumping on the SOL train, saying that at some point Solana season will be over, and then the seasons of other cryptocurrencies will arrive for investors to take advantage of.
If you’re watching Solana pump and feel like you missed the only bullish boat of the bull market, be careful thinking that.
— Dan Gambardello (@cryptorecruitr) March 18, 2024
And be careful with what you do next.
It’s Solana season for sure, but seasons end, and new ones begin.
This is crypto.