Solana’s native cryptocurrency, SOL, has seen a slight bump in price following the launch of a new blockchain-based game called SAGE Labs. The space exploration game has quickly become very popular, now accounting for 15% of all transactions on the Solana blockchain.
This influx of activity is driving increased demand for SOL, as users need the token to pay for transactions on the network. In the past 24 hours, SOL prices have risen by 1% to $22.37. Over the last 30 days, SOL is up by 24%.
The growth of SAGE Labs is likely to continue boosting SOL prices. Currently, the game only has 1,400 active players but there’s room for many more. As the user base expands, the number of transactions will keep growing, requiring more SOL.
Beyond SAGE Labs, Solana has been seeing good adoption and development recently. For example, Visa added Solana to its stablecoin program last month. With fundamentals looking positive, technical indicators are also suggesting an upward trajectory for SOL in the short term.
The coin’s 30-day moving average just crossed above its 200-day average, signaling upside momentum. Meanwhile, its relative strength index is ticking upwards and its support level has been steadily rising.
With both strong fundamentals and technicals, SOL seems poised to rally further. The target could be around $30 by the end of the year as demand grows. The SAGE Labs effect makes now a good time to buy SOL before bigger gains materialize.
