Solana's Network Activity Surges, Price Targets $210

Solana's price recently faced resistance at $180, but the surge in network activity and the formation of a megaphone chart pattern suggest a potential move towards $210. The megaphone pattern, a classic technical setup indicating increasing volatility, has formed on the 4-hour chart. The upper resistance trendline of this pattern sits near $185, aligning with the immediate resistance at $180. A confirmed breakout above this level could propel SOL towards the pattern’s first target at $210, calculated by measuring the widest part of the pattern and projecting it upward from the breakout point. This target represents a 21% rally from current prices, and a break above $200 could trigger further buying pressure due to the psychological significance of this level.

However, it is crucial to note that a megaphone pattern can also be bearish. Failure to break through the $180 resistance could lead to a pullback towards the 100-day exponential moving average (EMA) at $161 or the pattern’s lower support near $150. Volume confirmation on the breakout is a key trigger, as low volume could signal a false move, leading to an immediate reversal of the initial directional bias.

Solana's ecosystem growth highlights renewed investor interest. The realized cap, which reflects a coin’s last transacted value, has increased by $4 billion to $78.5 billion on May 14, indicating growing momentum. Additionally, Solana processed an impressive 731 million transactions over the past week, securing its position as the second-ranked blockchain by transactions. This strong performance validates Solana’s existing advantage and popularity compared to other chains. The surge in network activity, coupled with the megaphone chart pattern, suggests a potential breakout and a move towards the $210 price target. Investors are optimistic about Solana's potential, but it is essential to conduct thorough research and consider the risks involved in any investment decision.