Solana Price Prediction: Amid the current uncertainty in the crypto market and the development of a rising wedge pattern, the Solana price showed a restricted recovery. Over the past five weeks, the pattern’s converging trendlines provided dynamic resistance and support to ongoing rallies. However, today’s SOL price witnessed a significant inflow which teases an upside breakout from the wedge paving the way for further rally.
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Wedge Pattern Sets a Rally Beyond $100
- A bullish breakout from the rising wedge pattern would intensify the buying pressure.
- With an intro again of 9.17% gain, the Solana coin market cap reaches $34.6 Billion to flip XRP for the position of 5th crypto
- The 24-hour trading volume on the Solana coin is $2.01 Billion, indicating a 40% gain.
The Solana coin has been under an aggressive recovery since mid-October when the price rebounded from the $21 mark. In the last 10th week, the coin price recorded 302% growth and reached a 20-month high of $84.14.
Despite the current correction trend, the SOL price retains recovery sentiment and has recently flipped the XRP coin for the 5th position of the largest cryptocurrency. Thus remarkable performance would likely be attributed to several reasons the rising popularity of Bonk memecoin, the high demand for Solana Saga phone, the total value locked (TVL) topping $1 billion, Decentralized exchanges on Solana have experienced a boost in trading volume, etc.
Thus, the SOL price continues strong on its recovery rally with no major sign of weakness. With an intragain of 144, the coin price has recently breached the resistance trendline of a rising wedge pattern.
If the coin price shows sustainability above the breached level, the buyers would drive a rally to $95, followed by $120.
Active Address Count Hits a New Milestone
The cryptocurrency sector often relies on Activity addresses as a crucial measure to understand its fundamental growth. These addresses offer a clear view of user engagement and the overall acceptance of the sector. Recent data from IntoTheBlock, a prominent analytics company, shows a significant increase in activity on the Solana network. Starting from a low of 83.93K in mid-October, the number of active Solana addresses has rocketed to 351.5K, a peak that hasn’t been reached since June 2022. This dramatic rise underscores a substantial boost in interest and participation in the Solana ecosystem.
- Exponential Moving Average: An upswing in crucial daily EMAs(20, 50, 100, and 200) accentuates a strong recovery trend in action
- Relative Strength Index: The daily RSI above 60% projects a positive sentiment among traders.
