Solana Active Addresses Hit 17M ATH Ahead of PumpFun ICO As Price Targets $216

Solana price might be headed for a volatile weekend because of the upcoming token sale on the PumpFun meme coin launchpad. This upcoming ICO event has led to the number of daily active addresses on the network increasing to the highest level in history of 17 million, indicating growing demand. As of writing, SOL traded at $167 with a 6% increase in 24 hours.

Solana Price Braces for Weekend Volatility as 30% Rally Looms

Solana might face significant price changes this weekend because of the token sale on PumpFun. As CoinGape reported, PumpFun will run a $4 billion ICO on July 12 as it seeks to expand meme coin activity on its platform, which will effectively spill over to the Solana blockchain.

This token sale is happening at a time when the broader crypto market is rallying, and this is fuelling a bullish sentiment towards the Solana price. At the same time, a rounding bottom has been forming, and this shows that more gains might be on the way, as the decline that SOL has seen in recent months likely ends.

One of the signs confirming this bullish outlook is that SOL is testing resistance at $165. SOL price has been close to this resistance level two times now, but it needs to make a strong close above it to confirm that bullish traders have the upper hand.

Once this resistance level is overcome and Solana starts to surge, the price could extend its rally with an over 30% increase, which will take the price to not only $200, but to $216, the highest level since early February 2025.

However, to achieve this bullish Solana price prediction, the token will have to rise past resistance at the 200-day SMA of $164. History shows that whenever SOL crossed above this SMA, it experienced strong gains for months before pulling back, and this makes the rally to $200 more likely to happen.

SOL Active Addresses Soar Ahead of PumpFun ICO

The number of 24-hour addresses on the Solana blockchain has increased by more than 400% in the last 24 hours to 17.1 million per Santiment data. This is the highest that these addresses have ever been, indicating that there is growing interest in SOL.

In most cases, a rise in the number of addresses often drives gains in the price because it also shows that the demand is high. This demand is coming from the developments happening with PumpFun, as traders likely start to buy more SOL ahead of this token sale, as they expect it might increase in price. The community is expecting that with this event, the Solana price will be in a good position to continue its gains.

In summary, the SOL price might be close to making a strong rally to the upside, considering the upcoming offering on the PumpFun meme coin launchpad. The number of daily addresses on the Solana blockchain has increased by more than 400%, and this is driving notable gains for the token, with a rounding bottom hinting at a 30% surge.