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

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