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Solana (SOL), often referred to as the “Ethereum killer,” has experienced significant growth in both its network and price action since October 2023. The price of SOL has surged over 368% year-to-date, reaching a high of $68. This growth has raised questions about whether it is reflective of fundamental progress or if there are discrepancies between price and network development.According to research analyst Ally Zach, SOL has seen substantial growth since its lows in December 2022. The price of SOL has increased sixfold, while active addresses and Total Value Locked (TVL) have doubled. Solana, initially positioned as a decentralized finance (DeFi) hub, has expanded its offerings over time, introducing new infrastructure and tools such as compressed non-fungible tokens (NFTs). This has led to the emergence of new consumer applications on the platform.Consumer apps have served as the primary entry point for first-time users on Solana throughout most of 2023. However, a “breakpoint event” in early November reignited Solana’s DeFi sector. Airdrop announcements for major projects in the ecosystem, along with new token launches, have boosted market caps and decentralized exchange (DEX) TVL. Solana’s new DEX users exhibit different behavioral patterns compared to airdrop farmers on other networks, actively trading small and mid-cap tokens.This shift in user behavior suggests a more sustained and engaged user base, indicating the potential for long-term contributors to the Solana ecosystem. Additionally, prominent crypto analyst Ali Martinez has identified an ascending triangle formation on the 12-hour chart of SOL, indicating the potential for further price gains. If SOL manages to sustain a close above the resistance level of $68.2, it could trigger a bullish breakout and potentially propel the price towards $90.However, caution is advised, as a breach of the $60 support level may lead to profit-taking by traders and a temporary price decline. In such a scenario, SOL could dip to around $47. Overall, the growth in both the Solana network and SOL’s price has fueled optimism, but it remains to be seen if these numbers reflect fundamental progress or if there are discrepancies between price action and network development.