Solana News Today: Solana surges 12% this week, active addresses hit 15 million

Solana's price has surged by 12% this week, with a 6% increase in the last 24 hours, indicating strong upward momentum. This rally has sparked optimism among traders, with many anticipating a breakout to $200. Some analysts are even more bullish, predicting that the price could reach $260 or higher in the coming weeks. The excitement is palpable, with traders sharing bullish charts and technical patterns on social media platforms, highlighting a clean neckline break on the weekly chart and a potential "cup-and-handle" pattern that could drive prices significantly higher.

The rally is not just driven by sentiment but also by fundamental factors. Over the last 24 hours, Solana recorded more than 15 million active addresses, one of the highest counts in recent weeks. This increase in active addresses indicates growing network use and investor interest, suggesting that the rally is backed by strong fundamentals. Additionally, netflows for Solana have turned negative, meaning more tokens are leaving exchanges than entering. This is often a sign that traders are holding onto their tokens, reducing selling pressure and supporting the price.

Technical analysis further supports the bullish outlook. The trend-based Fibonacci extension points to $218 as the next target, with the potential for further gains to $260 or $280 if this level is broken. The current Solana price is around $177, and if the rally continues, the next major target is $218, representing a 23% increase from the current price. However, the bullish setup has a limit. If the price drops below $148, the rally may fail, and the crypto could pause or fall before attempting another rally.

Overall, the combination of strong technical patterns, increasing network activity, and positive netflows suggests that Solana is poised for further gains. Traders and analysts are closely watching the $218 level as a key resistance point, with the potential for significant upside if this level is broken. However, the market remains dynamic, and any unexpected developments could impact the price trajectory.