During Thursday’s U.S. market session, the Solana price jumped 5.5% to reach the trading value of $240. The surge in buying pressure can be attributed to a broader market uptick after the U.S. Federal Reserve confirmed its stable interest rates policy. However, the price jump offers a key breakout from a bullish continuation pattern, paying the way for a higher rally.
According to CoinGecko, the SOL’s market cap stands at $119.6 Billion, with a 24-hour trading volume of $5.4 Billion.
Key Highlights:
- Solana price breakout from the flag pattern hints end-of-correction trend.
- The $264 and $300 stands as key resistance levels against crypto buyers.
- Solana’s active addresses have jumped by 37.8% in just two weeks, showcasing increasing adoption and network usage.
Solana Price Gains Momentum as Network Activity Spikes
According to TheBlock data, Solana’s number of active addresses surged from 4.07 Million to 5.61 Million— a 37.8% increase in the last two weeks. This growth indicates a rising demand for Solana’s ecosystem, fueled by increasing network activity, DeFi participation, and growing interest from institutional and retail investors.
If the trend continues, the Solana network will further solidify its position among top layer-1 blocking and drive buying pressure for its native cryptocurrency, SOL.
SOL Price Breakout Hints End-of-Correction Trend
In the last two weeks, the Solana price showcased heightened volatility while wavering around $250 value. This consolidation, accompanied by long-wick rejections candles on either side, suggests market uncertainty and no initiation from buyers or sellers.
However, the 4-hour chart displayed this pullback as the formation of a bullish continuation pattern called ‘Flag.’ The chart setup is commonly spotted in major uptrends to recuperate the bullish momentum before next.
With today’s price jump, the SOL coin gave an upside breakout from the pennant overhead trendline, accelerating the buying pressure. While the post-breakout rally targets $300, it is likely to reach this target by the weekend and more likely by next week.
On the contrary, if crypto buyers failed to sustain a flag breakout, the coin price could revert immediately and plunge to $180 support.
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