Solana Price Target $250,2M Active Wallets Boosting Network

Written by 오하린

Last updated: 2024-07-29

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Solana Price Target $250,2M Active Wallets Boosting Network

SOL, the Solana network’s flagship crypto, struggled to maintain stability above $170 throughout the week. However, a modest 0.55% surge today propelled it to $182, boosting its market cap to $84.6B. Despite the static price action, on-chain and derivative data indicate a slowdown in Solana’s growth trajectory. Will the upcoming week usher in a price recovery? Stay tuned for updates.

Solana Price Aims Next Leap Amid Rising Active Addresses and Futures Interest
SOL Futures Open Interest has surged

Solana Price Aims Next Leap Amid Rising Active Addresses and Futures Interest

The Solana price prediction shows a sideways trend dominated the asset for the past four months. The altcoin resonated strictly between two converging trendlines to reveal a triangle pattern formation. This continuation pattern often spotted as established is known to recuperate the exhausted bullish momentum. Amid the July market recovery, the Solana price rebounded from $121 to today’s high of $188 registering a 55.6% growth.The breakout from the triangle pattern on July 20th signals the end of consolidation, though the altcoin has been trading sideways since then, seeking stability above the $170 mark. Nevertheless, the upswing in the upper boundary of the Bollinger Band indicator indicates that buying momentum remains robust.

Despite ongoing consolidation, the number of active addresses on the Solana network continues to expand. According to data from TheBlock, this upward trajectory in on-chain metrics reached 2 million active addresses by mid-week. This growth implies a robust and expanding user base, which could signal strong network health and potentially attract more investment into Solana.

SOL Futures Open Interest has surged

As new money floods into the market, driving up Open Interest, investors are positioning themselves for potential gains in Solana’s price. If the SOL price manages to sustain above the crucial $170 mark, technical indicators suggest a bullish breakout from a triangle pattern, potentially propelling the asset towards $210 and further towards $266.

Open Interest refers to the total number of outstanding futures contracts that have not been settled. An increase in Open Interest indicates that new money is flowing into the market, reflecting increased interest and participation from traders.

Solana Active Wallets User Adoption Sol Futures Open Interest

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Solana Price Target $250,2M Active Wallets Boosting Network

Solana Price Aims Next Leap Amid Rising Active Addresses and Futures Interest

SOL Futures Open Interest has surged

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