Rally

Solana

Jupiter

Arthur

Solana Price Prediction: Amid the renewed buying interest in the crypto market, the <a href="https://coingape.com/price/solana/" rel="noopener noreferrer nofollow">Solana price</a> 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 <a href="https://coingape.com/solana-dex-jupiter-partner-mercuryo-jup-price-nears-0-60/" rel="noopener noreferrer nofollow">Jupiter</a> 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.
<h2 id="b-bullish-reversal-pattern-sets-sol-for-prolonged-recovery-b">Bullish Reversal Pattern Sets SOL for Prolonged Recovery</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">The SOL price is nearing a decisive breakout from the neckline resistance of the inverted H&amp;S pattern.</li>
 <li style="font-weight: 400;" aria-level="1">The JUP airdrop led to an explosion of transactions, enticing a diverse user base to the Solana platform.</li>
 <li style="font-weight: 400;" aria-level="1">The 24-hour trading volume on the Solana coin is $1.69 Billion, indicating a 37% loss.</li>
</ul>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/w/WUWBNaZB.png" alt="Solana Price Prediction" width="1815" height="836">
 <figcaption class="wp-caption-text">
 Solana Price Prediction| TradingView Chart
 </figcaption>
</figure>
As of press time, <a href="https://coingape.com/best-solana-wallet/?utm_source=trendingnewsslider" rel="noopener noreferrer nofollow">Solana (SOL)</a> 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.&nbsp;
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.&nbsp;
<img decoding="async" class="aligncenter size-full wp-image-178414" src="https://coingape.com/wp-content/uploads/2024/02/number-of-new-addresses-on-the-solana-network-daily-7dma.png" alt="number-of-new-addresses-on-the-solana-network-daily-7dma" width="2401" height="1260" srcset="https://coingape.com/wp-content/uploads/2024/02/number-of-new-addresses-on-the-solana-network-daily-7dma.png 2401w, https://coingape.com/wp-content/uploads/2024/02/number-of-new-addresses-on-the-solana-network-daily-7dma-300x157.png 300w, https://coingape.com/wp-content/uploads/2024/02/number-of-new-addresses-on-the-solana-network-daily-7dma-1224x642.png 1224w, https://coingape.com/wp-content/uploads/2024/02/number-of-new-addresses-on-the-solana-network-daily-7dma-768x403.png 768w, https://coingape.com/wp-content/uploads/2024/02/number-of-new-addresses-on-the-solana-network-daily-7dma-1536x806.png 1536w, https://coingape.com/wp-content/uploads/2024/02/number-of-new-addresses-on-the-solana-network-daily-7dma-2048x1075.png 2048w, https://coingape.com/wp-content/uploads/2024/02/number-of-new-addresses-on-the-solana-network-daily-7dma-150x79.png 150w" sizes="(max-width: 2401px) 100vw, 2401px">
<blockquote>
 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.
</blockquote>
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.
<h2 id="b-technical-indicator-b">Technical Indicator</h2>
<ul>
 <li aria-level="1">Bollinger Band: The flattish boundary of the <a href="https://coingape.com/education/bollinger-band/" rel="noopener noreferrer nofollow">Bollinger band</a> indicator reflects the short-term trend is still sideways.</li>
 <li aria-level="1">Relative Strength Index: The daily RSI slope above 50% reflects a positive sentiment returning to SOL.</li>
</ul>
<h3 id="related-articles">Related Articles:</h3>
<ul>
 <li><a href="https://coingape.com/markets/top-3-altcoins-to-buy-today-february-1-solana-sol-jupiter-jup-manta/" rel="noopener noreferrer nofollow">Top 3 Altcoins To Buy Today February 1: Solana (SOL), Jupiter (JUP), MANTA</a></li>
 <li><a href="https://coingape.com/solana-mobile-shares-crucial-update-ahead-of-version-2-launch/" rel="noopener noreferrer nofollow">Solana Mobile Shares Crucial Update Ahead of Version 2 Launch</a></li>
 <li><a href="https://coingape.com/solana-is-on-the-verge-of-a-bullish-rally-predicts-arthur-hayes/" rel="noopener noreferrer nofollow">Solana is on the Verge of a Bullish Rally, Predicts Arthur Hayes</a></li>
</ul>
The post <a href="https://coingape.com/markets/solana-price-prediction-new-addresses-rally-120/" rel="noopener noreferrer nofollow">Solana Price Prediction As Rising Tide of New Addresses Hints Rally Beyond $120</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

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

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