TLDR
- Solana’s network experiences massive growth with over 5 million new addresses created daily, coincides with a price increase of 4.4% in 24 hours
- Technical analysis shows SOL trading in a trend channel since July 2024, with the current price approximately $ 204 after recovery from support levels
- Long positions have increased specifically, which indicates growing hausseen’s feeling among traders and lasting purchase pressure on the market
- Sun recently hit a maximum time of $ 293 on January 19, 2025, partly driven by the launch of the official Trump Meme coin on Solana Blockchain
- The current technical outlook indicates a potential price of $ 387-389 if Uprend Channel holds, although the availability has withdrawn 30% from its last peak
The Solana Blockchain network experiences an never -previously seen growth, with the daily new address creation that exceeds 5 million, according to the latest Glassnode data. This force in network activity comes as Sol’s price shows signs of recoveryCurrently traded at $ 204 after jumping from crucial support levels.
The expansion of new addresses represents a fundamental change in the network’s assumption, which marks a new phase of growth for the Solana ecosystem. Data analysis reveals this growth trend has maintained texture in early 2025, which indicates that user interest rather than temporary nails.
Market data indicates that SOL has won 4.4% over the past 24 hours, which shows resilience after a correction period. The price movement follows a broader pattern observed since July 2024, with solar trading within an upward channel characterized by higher lowness and higher heights.
The latest price measure will be particularly remarkable in connection with Sol’s highest time of $ 293, was reached on January 19, 2025. This peak coincided with increased attention after the launch of the official Trump Meme coin on Solana Blockchain, which helped to drive momentum on the market.
Technical analysis from crypto analysts Ali Martinez highlights the importance of current price levels. Martinez notes that Sol’s position within its parallel channel can determine its next large move, with the upper limit indicating a potential target of $ 387.
#Solana $ Sun Tests a key support level at the lower limit for this parallel channel. Keeping above it can strengthen the trend and drive a rise to $ 387! pic.twitter.com/ezdpgczkxr
– ali (@ali_charts) February 8, 2025
The increase in long positions, as shown by the long/short relationship, indicates growing confidence among traders. This metric reveals that more market participants are taking hilarious positions, which contributes to a sustainable purchase pressure on the market.
Information on open interest supports this Hausse story and shows an overall increase that suggests that new capital enters the market. This metric is particularly important as it indicates that price movements are supported by genuine investments rather than just speculation.
RSI (Relative Strength Index) is currently sitting at 64.59 and is approaching but not yet in upper -grade territory. This technical indicator proposes space for further movement upwards, although traders should remain aware of potential short -term volatility.
After the highest time of the last time, Solar Experienced a correction of 30%, which gave prices back to test the lower limit for the established upward channel. The subsequent bounce from these levels has strengthened the technical significance of this support zone.
The correlation between network growth and price measures provides insights on market dynamics. Historical data shows that periods of increased address creation often precede or coincide with price estimate, which makes the current increase in new addresses particularly relevant.
Fibonacci extension indicator, calculated from August 2024 at $ 109, is consistent with Martinez’s analysis. The extension level 1,272 corresponds to the price target of $ 389 and adds another layer of technical validation to this potential price case.
Analysis of the market structure reveals the formation of higher lowness since July 2024, which creates a clear uptake pattern. This technical formation suggests continued causal speed as long as key support levels have.
Short -term price measures show consolidation near current levels, with trade volume patterns that indicate accumulation. This behavior often precedes new price movements, although the direction is due to broader market conditions and technical outbreaks.
New data from Coinglass shows increasing institutional interest, with derivative markets showing healthy activity levels. This metric often acts as a leading indicator for potential price movements in the spot market.
The latest network statistics show robust transaction volumes that follow growth in new addresses. At press time, Sun is $ 204 and maintains its position over decisive support levels, while marketing players are waiting for potential catalysts for the next big move.
