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Solana Price Prediction As Rising Tide of New Addresses Hints Rally Beyond $120

Solana Price Prediction: Amid the renewed buying interest in the crypto market, the Solana price correction managed to take a positive turn from the $80 psychological level. This reversal surged the coin’s value 25% within a fortnight to currently trade at the $98.48 mark. Moreover, the Solana blockchain experienced one of its largest token airdrops ever on Wednesday, as Jupiter began distributing approximately $700 million worth of its JUP token to nearly a million wallets.

This massive airdrop in tandem with exponential growth in Solana’s network signals a high potential for SOL to reclaim the $100 mark.

Bullish Reversal Pattern Sets SOL for Prolonged Recovery

The SOL price is nearing a decisive breakout from the neckline resistance of the inverted H&S pattern.
The JUP airdrop led to an explosion of transactions, enticing a diverse user base to the Solana platform.
The 24-hour trading volume on the Solana coin is $1.69 Billion, indicating a 37% loss.

Solana Price Prediction| TradingView Chart

As of press time, Solana (SOL) is trading at $97, marking a 2.6% decline for the day. Despite the sideways trend projected for most major cryptocurrencies this week, SOL’s price outlook remains positive, characterized by the formation of an inverted head and shoulders pattern. 

This pattern often signals increasing asset accumulation trends and provides traders with critical points for establishing long positions.

Furthermore, the Solana network experienced significant growth in new addresses in January, with the count reaching 543.84K. The surge in active addresses reflects a broader trend of heightened engagement within its ecosystem. 

The increased transactions on native decentralized exchanges (DEXs) and a growing fascination with meme coins, including Bonk and Wen, have contributed to a significant uptick in activity in January.

Amid the positive development, the SOL price is well-positioned for growth which could lead to a decisive breakout from the pattern’s neckliner resistance at $107. The potential breakout will accelerate the buying momentum and surge the coin value by 26% to hit $135.

Technical Indicator

Bollinger Band: The flattish boundary of the Bollinger band indicator reflects the short-term trend is still sideways.
Relative Strength Index: The daily RSI slope above 50% reflects a positive sentiment returning to SOL.

Related Articles:

Top 3 Altcoins To Buy Today February 1: Solana (SOL), Jupiter (JUP), MANTA
Solana Mobile Shares Crucial Update Ahead of Version 2 Launch
Solana is on the Verge of a Bullish Rally, Predicts Arthur Hayes

The post Solana Price Prediction As Rising Tide of New Addresses Hints Rally Beyond $120 appeared first on CoinGape.

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