Solana Price Rally Eyes $250 as Users Top 1 Million

SOL, the native token of the layer 1 ecosystem Solana is riding a steady rally defying current market correction as Bitcoin plunged below $70K. This sell-off has notably affected the altcoin market but the Solana price shows its sustainability above the $165 mark. This strong resilience hints this coin may witness an intense buying momentum if the broader returns to a recovery trend.

Also Read: 3 Reasons Why Solana Price Could Tumble To $140 Before Blasting To $200

Can Solana Price Sustain Above $150?

The Solana coin entered an aggressive recovery trend in late february when the price rebounded from $95.5 support. This bullish rally uplifted the coin value 86% within three weeks to currently trade at $183. 

Mirroring its price rally, the Solana network has demonstrated remarkable growth in user activity, with the count of active addresses soaring from a low of 660,000 on February 26th to a record high of 1.04 million. This significant increase in active addresses indicates enhanced user involvement and increased attraction to Solana.

Moreover, the rising price has breached the neckline resistance of the cup and handle pattern. This well-known reversal pattern signals a notable positive shift in market trend providing the structure for steady growth.

With an intraday growth of 2.32%, the SOL price is gradually heading north walking the path paved by the cup and handle pattern. If the chary setup holds true, the SOL price is expected to surge another 38% and hit the potential target of $250.

Also Read: Crypto Market Selloff: Top Reasons Why Bitcoin, ETH, XRP, ADA, SHIB Crash Today

$20 Million Worth SOL Transfer to Binance Hints New Correction Phase

Lookonchain recently spotted a significant transaction where 120,905 Solana (SOL) tokens, worth around $20,399,501, were moved from an unknown wallet to Binance. Large transactions to exchanges typically precede increased sell-offs, impacting the asset’s price. 

🚨 120,905 #SOL (20,399,501 USD) transferred from unknown wallet to #Binancehttps://t.co/peO4du9e6O

— Whale Alert (@whale_alert) March 15, 2024

The broader market correction and whale exit may trigger a new correction phase in the SOL price. In such a scenario, the buyers can seek suitable support at the $162 and $146 levels which are currently concise with the 23.6% and 38.2% Fibonacci retracement levels.

Technical Indicator

• BB Indicator: An upswing in the Bollinger Band indicator continues to indicate the strength in buying momentum.
• Average Directional Index: The ADX slope uptick at 23% reflects the buyers have sufficient momentum to prolong this rally.

Related Articles

✓ Share:

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

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.