Solana Price Boost Recovery as Network Adoption Marks New Achievement
Highlights
- A cup and handle pattern marks the potential growth trajectory for the Solana coin.
- The SOL price is poised for a minor pullback to regain strength at $125 support.
- The 24-hour trading volume on the Solana coin is $4.8 Billion, indicating a 24% loss.
Solana Price: SOL, the native token of the layer 1 ecosystem Solana is making gradual growth in tandem with Bitcoin. This asset reentered a recovery trend in late January when the price rebounded from $79. Within seven weeks, the SOL value surged 87.55% to reach $147.7 while the market cap hit $65.6 Billion, to stand as 5th largest cryptocurrency.
However, the overhead supply at $150 may trigger another pullback before a rally past this psychological level.
Also Read: Grayscale Solana Trust Premium Shoots 870% As SOL Price Hits $150
Can Solana Price Sustain Above $150?
The current recovery trend in Solana price faced a major roadblock a $150 evidenced by the long-wick rejection candle in the daily time. This overhead supply from short-term traders booking their profit may spark a new correction and plunge the price to $125.
This horizontal level prior acted as the key neckline resistance of the cup and handle pattern- a chart pattern commonly recorded at the market bottom that hints at an early sign of a recovery trend. Sustainability this retest would provide buyers with suitable support to propel a high recovery trend.
If the pattern holds true, the Solana price may chase the potential target of theoretical target of $250, accounting for a potential growth of 71%.
Also Read: Solana Price Prediction: How Long Until Solana Blasts To $200
Solana’s Metric of New Addresses Hits New Heights
Recent data from The Block reveals a significant uptick in Solana’s network activity, as evidenced by the surge in new addresses, which serves as a crucial indicator of both network adoption and user engagement. From a low point of 660,000 on February 25th, the network witnessed robust growth, culminating in a new high of 717,000 new addresses. This growth underscores Solana’s expanding user base and its increasing attractiveness as a blockchain platform.
Technical Indicator
- BB Indicator: An upswing in the Bollinger Band indicator suggests the buyers continue to dominate this coin’s price trajectory.
- Relative Strength Index: The daily RSI slope at 68% reflects the market sentiment stands bullish.
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