Solana Price Target $250 Rally with 2M Active Users Boosting Network Activity

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?

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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.

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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.

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