Solana Price Target $250 Rally with 2M Active Users Boosting Network Activity
Highlights
- An uptrend is intact in Solana’s on-chain metric of active addresses and Open interest hints a suitable opportunity for a prolonged rally.
- The midline of the Bollinger Band indicator may offer additional pullback support to SOL at $170.
- The 24-hour trading volume on the Solana coin is $2.8 Billion, indicating a 14.5% loss.
SOL, the native cryptocurrency on the Solana network showcased a sluggish trend throughout the week seeking stability above the $170 level. The neutral weekend has triggered 0.55% in Solana price today to hit $182, while the market cap is $84.6. While the price action hints at no major movement, the On-chain data and derivative data show a drawdown in Solana’s growth. Will price recovery follow next week?
Also Read: Peter Schiff Blasts RFK Jr’s Bitcoin Buy Plan As ‘Vote-Buying’ Strategy
Solana Price Aims Next Leap Amid Rising Active Addresses and Futures Interest
The Solana price forecast shows a sideways trend dominated the asset for the past four months. The altcoin resonated strictly between two converging trendlines to reveal a triangle pattern formation.
This continuation pattern often spotted as established is known to recuperate the exhausted bullish momentum. Amid the July market recovery, the Solana price rebounded from $121 to today’s high of $188 registering a 55.6% growth.
On 20th July, this rising price breached the triangle pattern to signal the end of consolidation. However, the altcoin traded sideways since the breakout seeking stability above the $170 mark.
The upswing in the upper boundary of the Bollinger Band indicator hints the buying momentum is intact.
Despite ongoing consolidation, the number of active addresses on the Solana network continues to expand. According to data from TheBlock, this upward trajectory in on-chain metrics reached 2 million active addresses by mid-week. This growth implies a robust and expanding user base, which could signal strong network health and potentially attract more investment into Solana.
A similar trend has been noted in SOL Futures Open Interest, according to data from the derivative market data provider CoinGlass. Open Interest has surged from a July low of $1.77 billion to the current value of $2.95 billion, marking a substantial 66% growth. This increase suggests a rising interest and bullish sentiment among traders towards Solana’s future market movements.
Also Read: Bitcoin Price To Hit $13M, Michael Saylor Predicts Amid BTC Rally
Thus, if the Solana price sustained above $170, the triangle breakout should drive its rally to $210, followed by $266.
On a contrary note, if the SOL price breaks below the $170 support, the asset may enter a prolonged consolidation and retest multi-month support at $120.
Frequently Asked Questions (FAQs)
1. Why is the number of active addresses an important metric for Solana's network?
2. What is Open Interest in the context of futures trading
3. Will Solana Hit $200?
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