With Solana recently hitting an all-time high (ATH) of $293.31, bulls have been in overdrive mode in the SOL network.
As a result, renowned market analyst Javon Marks believes that having made a bull flag retest, Solana is on its way to the $450 price level.
A bull flag retest is deemed a bullish continuation signal since a breakout from the flag pattern happens in the same direction as the prior uptrend.
At press time, Solana was hovering around the $263 price level, having recorded a year-to-date increase of 189.6%, according to CoinGecko data.
What is Making Solana Tick?
Given that Solana is crafting a name as one of the blockchains offering decentralized finance (DeFi) solutions, the fifth-largest cryptocurrency based on market cap has been witnessing soaring demand.
Furthermore, Solana intends to boost scalability by incorporating a proof-of-history (PoH) consensus into the underlying proof-of-stake (PoS) framework.
With Donald ***** recently taking the helm of the U.S. presidency, Solana’s total value locked (TVL) has been going through the roof to the extent of elbowing Ethereum (ETH) after breaching the $12 billion mark.
This can be attributed to the rolling out of Donald *****’s official meme coin, *****, on the Solana network.
This frenzy has seen Solana validators bag at least 100,000 SOL in fees worth approximately $25 million, thanks to increased trading of MELANIA and ***** tokens.
With President ***** already spelling out a pro-crypto stance, bullish momentum has been engulfing the crypto market, with Solana being one of the major beneficiaries.
The others include Bitcoin since the apex cryptocurrency recently hit an All-Time High of $109,114.