Boost

Solana

Long

Block

when

<img width="1200" height="703" src="https://coingape.com/wp-content/uploads/2024/03/image-19-e1709979901547.jpg" class="attachment-full size-full wp-post-image" alt="Solana Price" decoding="async" style="float:right; margin:0 0 10px 10px;">
Solana Price: <a href="https://coingape.com/telegram-trading-terminal-unibot-ends-collaboration-with-a-solana-group/">SOL</a>, 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: <a href="https://coingape.com/grayscale-solana-trust-premium-jumps-870-as-sol-price-hits-150/">Grayscale Solana Trust Premium Shoots 870% As SOL Price Hits $150</a> 
<h2 id="b-can-solana-price-sustain-above-150-b">Can Solana Price Sustain Above $150?</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/y/yKzQzUHH.png" alt="BINANCE:SOLUSDT Chart " width="1946" height="937">
 <figcaption class="wp-caption-text">
 Solana Price| Tradingview
 </figcaption>
</figure> 
The current recovery trend in <a href="https://coingape.com/price/solana/">Solana price</a> 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 <a href="https://coingape.com/solana-bullish-as-jito-labs-ends-mempool-use-averting-sandwich-attacks/">Solana</a> price may chase the potential target of theoretical target of $250, accounting for a potential growth of 71%. 
Also Read: <a href="https://coingape.com/markets/solana-price-prediction-how-long-until-solana-blasts-to-200/">Solana Price Prediction: How Long Until Solana Blasts To $200</a> 
<h2 id="b-solana-s-metric-of-new-addresses-hits-new-heights-b">Solana’s Metric of New Addresses Hits New Heights</h2> 
<figure id="attachment_185522" aria-describedby="caption-attachment-185522" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-185522" src="https://coingape.com/wp-content/uploads/2024/03/number-of-new-addresses-on-the-solana-network-daily-7dma-1.png" alt="Solana Network| Number of New Addresses" width="2401" height="1400" srcset="https://coingape.com/wp-content/uploads/2024/03/number-of-new-addresses-on-the-solana-network-daily-7dma-1.png 2401w, https://coingape.com/wp-content/uploads/2024/03/number-of-new-addresses-on-the-solana-network-daily-7dma-1-300x175.png 300w, https://coingape.com/wp-content/uploads/2024/03/number-of-new-addresses-on-the-solana-network-daily-7dma-1-1224x714.png 1224w, https://coingape.com/wp-content/uploads/2024/03/number-of-new-addresses-on-the-solana-network-daily-7dma-1-768x448.png 768w, https://coingape.com/wp-content/uploads/2024/03/number-of-new-addresses-on-the-solana-network-daily-7dma-1-1536x896.png 1536w, https://coingape.com/wp-content/uploads/2024/03/number-of-new-addresses-on-the-solana-network-daily-7dma-1-2048x1194.png 2048w, https://coingape.com/wp-content/uploads/2024/03/number-of-new-addresses-on-the-solana-network-daily-7dma-1-150x87.png 150w" sizes="(max-width: 2401px) 100vw, 2401px">
 <figcaption id="caption-attachment-185522" class="wp-caption-text">
 Solana Network| Number of New Addresses
 </figcaption>
</figure> 
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. 
<h2 id="b-technical-indicator-b">Technical Indicator</h2> 
<ul> 
 <li aria-level="1">BB Indicator: An upswing in the <a href="https://coingape.com/education/bollinger-band/">Bollinger Band</a> indicator suggests the buyers continue to dominate this coin’s price trajectory.</li> 
 <li aria-level="1">Relative Strength Index: The daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/">RSI</a> slope at 68% reflects the market sentiment stands bullish.</li> 
</ul> 
The post <a href="https://coingape.com/markets/solana-price-recovery-as-network-marks/">Solana Price Boost Recovery as Network Adoption Marks New Achievements</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Solana Price Boost Recovery as Network Adoption Marks New Achievements

Table of Contents

Coingape News Media

Other articles published on Mar 12, 2024

El Salvador’s Bitcoin investment strategy pays off amid market rally

JPMorgan CEO Jamie Dimon Defends Individuals’ Bitcoin Rights

How to migrate crypto from an exchange to a Ledger device

WEMIX.Fi Supports CROW Swap

Analyst says odds of Ethereum ETF in May are ‘down to 35%’ and that means…

Zeus Network Reveals Angel Investor Lineup: Featuring Solana Co-Founder Anatoly Yakovenko, Mechan...

Join our free newsletter for daily crypto updates!