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Solana Price Eyes $178 Following $314 Million Bridged From Ethereum

Solana price could be heading toward $178 as bridged assets from Ethereum reaches record high in the last 30 days.
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Solana Price Eyes $178 Following $314 Million Bridged From Ethereum

Highlights

  • A total of $314 million was brigded from Ethereum to Solana in the last 30 days.
  • The impressive metrics come on the heels of Solana's fifth-year anniversary.
  • Analysts say SOL is headed toward $180 if it fulfills certain conditions.

As Solana marks its fifth anniversary, there is palpable optimism for prices to rally in the short term. Experts say Solana price a raft of on-chain data will affect Solana’s price including bridged assets and positive SMA and EMA indicators.

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Solana Receives $315 Million Assets Bridged From Ethereum

Solana’s ecosystem is buzzing with optimism following a surge in the volume of bridged assets to the network. According to the latest data, Solana received $314 million worth of tokens from the Ethereum network in the last 30 days.

The metric is a record high for Solana with the volume dwarfing the total bridged assets to Ethereum’s layer 2 projects. According to on-chain data, the value received by Solana from Ethereum is 463% more than the volume transferred to ETH’s layer 2 platforms.

Pundits say the spike in bridged assets over the last 30 days is a bullish indicator for Solana’s price. Right out of the bat, the assets will increase the total value locked (TVL) and liquidity for SOL while increasing user activity.

Others are construing the metric as confirmation of Solana’s dominance over Ethereum, stirring anticipation of a potential flippening.

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Solana Price Eyes $178 In The Short-Term

There is increased investor confidence that Solana price can clinch $178 in the short term. On-analysts say if SOL breaks through its 20-day exponential moving average (EMA), investors can expect the easing of current selling pressure.

The easing will fuel a push toward the 50-day simple moving average (SMA) that will see the price face bearish resistance at around $178. However, a price break below $120 could trigger a steeper correction toward $110 and a potential $90.

In the long term, a forming cup-and-handle pattern could send SOL to $3,800 if a break out occurs. Currently, Solana is trading at $129, down by nearly 4% over the last 24 hours.

The network is agog with a slew of activity as Solana marks its fifth anniversary. The failure of the SIMD-0228 proposal still offers a silver lining for Solana given the speed of voting processes.

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Aliyu Pokima

Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he's not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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