Solana (SOL) Price Jumps 5.5% to $240 as Network Activity Spikes

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

The Solana price soared on Thursday during the U.S. market session, surging by 5.5% to reach a trading value of $240. This price jump follows a broader market uptick after the U.S. Federal Reserve confirmed its stable interest rates policy.

Moreover, the price surge marks a key breakout from a bullish continuation pattern, paving the way for a higher rally.

According to CoinGecko, the SOL market cap stands at $119.6 Billion, with a 24-hour trading volume of $5.4 Billion.

Solana Price Gains Momentum as Network Activity Spikes

As highlighted by TheBlock data, Solana’s number of active addresses surged from 4.07 Million to 5.61 Million over the last two weeks, indicating a 37.8% increase. This growth showcases a rising demand for Solana’s ecosystem.

The increasing network activity, DeFi participation, and growing interest from institutional and retail investors are collectively driving this demand. If the trend continues, the Solana network will further solidify its position among top layer-1 blockchains and drive buying pressure for its native cryptocurrency, SOL.

SOL Price Breakout Hints End-of-sCorrection Trend

Over the last two weeks, the Solana price showcased heightened volatility while wavering around the $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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