Rally

Solana

Bitcoin

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when

SOL, the native token of the layer 1 ecosystem Solana is riding a steady rally defying current market correction as Bitcoin plunged below $70K. This sell-off has notably affected the altcoin market but the <a href="https://coingape.com/price/solana/" rel="noopener noreferrer nofollow">Solana price</a> shows its sustainability above the $165 mark. This strong resilience hints this coin may witness an intense buying momentum if the broader returns to a recovery trend.
Also Read: <a href="https://coingape.com/markets/3-reasons-why-solana-price-could-tumble-to-140-before-blasting-to-200/" rel="noopener noreferrer nofollow">3 Reasons Why Solana Price Could Tumble To $140 Before Blasting To $200</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/m/MNAa9JdC.png" alt="BINANCE:SOLUSDT Chart " width="1946" height="937">
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 Solana Price| Tradingview
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The <a href="https://coingape.com/solana-price-rallies-sol-network-integrates-binance-web3-wallet/" rel="noopener noreferrer nofollow">Solana coin</a>&nbsp;entered an aggressive recovery trend in late february when the price rebounded from $95.5 support. This bullish rally uplifted the coin value 86% within three weeks to currently trade at $183.&nbsp;
Mirroring its price rally, the Solana network has demonstrated remarkable growth in user activity, with the count of active addresses soaring from a low of 660,000 on February 26th to a record high of 1.04 million. This significant increase in active addresses indicates enhanced user involvement and increased attraction to Solana.
<figure id="attachment_186111" aria-describedby="caption-attachment-186111" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-186111" src="https://coingape.com/wp-content/uploads/2024/03/number-of-active-addresses-on-the-solana-network-daily-7dma.png" alt="number of active-addresses on the solana network" width="2401" height="1400" srcset="https://coingape.com/wp-content/uploads/2024/03/number-of-active-addresses-on-the-solana-network-daily-7dma.png 2401w, https://coingape.com/wp-content/uploads/2024/03/number-of-active-addresses-on-the-solana-network-daily-7dma-300x175.png 300w, https://coingape.com/wp-content/uploads/2024/03/number-of-active-addresses-on-the-solana-network-daily-7dma-1224x714.png 1224w, https://coingape.com/wp-content/uploads/2024/03/number-of-active-addresses-on-the-solana-network-daily-7dma-768x448.png 768w, https://coingape.com/wp-content/uploads/2024/03/number-of-active-addresses-on-the-solana-network-daily-7dma-1536x896.png 1536w, https://coingape.com/wp-content/uploads/2024/03/number-of-active-addresses-on-the-solana-network-daily-7dma-2048x1194.png 2048w, https://coingape.com/wp-content/uploads/2024/03/number-of-active-addresses-on-the-solana-network-daily-7dma-150x87.png 150w" sizes="(max-width: 2401px) 100vw, 2401px">
 <figcaption id="caption-attachment-186111" class="wp-caption-text">
 Solana| Number of active addresses
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Moreover, the rising price has breached the neckline resistance of the cup and handle pattern. This well-known reversal pattern signals a notable positive shift in market trend providing the structure for steady growth.
With an intraday growth of 2.32%, the <a href="https://coingape.com/solana-dive-below-127-analyst-predicts-sol-price-rallies/" rel="noopener noreferrer nofollow">SOL</a> price is gradually heading north walking the path paved by the cup and handle pattern. If the chary setup holds true, the SOL price is expected to surge another 38% and hit the potential target of $250.
Also Read: <a href="https://coingape.com/crypto-market-selloff-top-reasons-why-bitcoin-eth-xrp-ada-shib-crash-today/" rel="noopener noreferrer nofollow">Crypto Market Selloff: Top Reasons Why Bitcoin, ETH, XRP, ADA, SHIB Crash Today</a>
<h2 id="b-20-million-worth-sol-transfer-to-binance-hints-new-correction-phase-b">$20 Million Worth SOL Transfer to Binance Hints New Correction Phase</h2>
Lookonchain recently spotted a significant transaction where 120,905 Solana (SOL) tokens, worth around $20,399,501, were moved from an unknown wallet to Binance. Large transactions to exchanges typically precede increased sell-offs, impacting the asset’s price.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 120,905 <a href="https://twitter.com/hashtag/SOL?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#SOL</a> (20,399,501 USD) transferred from unknown wallet to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a><a href="https://t.co/peO4du9e6O" rel="noopener noreferrer nofollow">https://t.co/peO4du9e6O</a>
 — Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1768566431254221244?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 15, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
The broader market correction and whale exit may trigger a new correction phase in the SOL price. In such a scenario, the buyers can seek suitable support at the $162 and $146 levels which are currently concise with the 23.6% and 38.2% Fibonacci retracement levels.
<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/" rel="noopener noreferrer nofollow">Bollinger Band</a> indicator continues to indicate the strength in buying momentum.</li>
 <li style="font-weight: 400;" aria-level="1">Average Directional Index: The ADX slope uptick at 23% reflects the buyers have sufficient momentum to prolong this rally.</li>
</ul>
The post <a href="https://coingape.com/markets/solana-price-rally-eyes-250-as-users-top-1-million/" rel="noopener noreferrer nofollow">Solana Price Rally Eyes $250 as Users Top 1 Million</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Solana Price Rally Eyes $250 as Users Top 1 Million

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