Price Analysis

Solana Price Boost Recovery as Network Adoption Marks New Achievement

Solana Price: The overhead supply at $150 hints at a minor pullback to regain bullish momentum at $125.

Published by

Updated 13 Mar, 2024 | 08:39:45 AM UTC

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?

Solana Price| Tradingview

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

Solana Network| Number of New Addresses

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.

Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Published by

Sahil Mahadik

Updated 13 Mar, 2024 | 08:39:45 AM

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