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The Solana price jumped 6% in the past 24 hours to trade at $138.48 as of 12:30 a.m. EST on trading volume that surged 85% to $2.8 billion.
This rise in the SOL price comes as Solana reached 11.09 million addresses who now hold the coin, analyst Ali Charts said on X.
#Solana $SOL just hit a new all-time high in network adoption, with 11.09 million addresses now holding the token! pic.twitter.com/cZgD658ET9
— Ali (@ali_charts) March 21, 2025
This is the highest number ever recorded, reinforcing Solana’s position as a major player in the crypto space.
Meanwhile, he remains optimistic of a major Solana uptrend.
If, only if, #Solana $SOL can break above $200, it would confirm a textbook cup-and-handle pattern, potentially setting the stage for a major breakout! pic.twitter.com/lIwVxdnLAx
— Ali (@ali_charts) March 22, 2025
Solana Price Analysis: Potential Recovery After Double Top Breakdown?
The SOL price has recently undergone a significant price correction, following a bearish double-top pattern that led to a sharp decline. The Solana price peaked twice around the $280 level, marking the double top.
Meanwhile, the neckline support (around $183) was broken, confirming the bearish reversal. The price of Solana then accelerated downward, breaching the 50-day and 200-day Simple Moving Averages (SMAs), eventually finding support near $120-$130, a key Fair Value Gap (FVG) zone, according to GeckoTerminal data.
The Relative Strength Index (RSI) is at 49.19, indicating neutral momentum. If the RSI moves above 50, it could signal growing bullish momentum.
SOL Price At A Crucial Turning Point – $200 Level Incoming?
Solana is at a crucial turning point. While the recent breakdown from the double top was bearish, the strong support zone and potential fifth wave formation suggest that a recovery is possible.
If the Solana price holds the $120-$130 support and breaks above the 50-day SMA ($158), there could be an upward move towards $183.
A successful reclaim of the neckline zone could trigger a stronger bullish trend, potentially targeting $200 in the coming weeks.
However, failure to maintain the current support could lead to another retest of the $120 level, possibly opening the door for further downside risks.
Meanwhile, investors are buying a new Solana meme coin called Solaxy (SOLX), which popular YouTube channel 99Bitcoins, with over 725K subscribers, says has the potential to soar 100X post-launch.
Solaxy Presale Races Toward $28 Million – Best Crypto To Buy Now?
Solaxy has surged past the $27.6 million mark in its presale, backed by the current rebound of the cryptocurrency space, which has soared almost 1% to a $2.9 trillion market capitalization, according to Coingecko data.
The new layer-2 project is catching investors’ interest in solving Solana’s scalability challenges.
Solaxy positions itself as the first dedicated layer-2 solution for Solana. The project aims to solve real infrastructure challenges facing the Solana network while maintaining a meme-style vibe.
Solaxy processes transactions off of the main Solana chain by bundling them together and settling them in batches.
🚨 Solaxy is now live in Upcoming Tokens! 🚨@SOLAXYTOKEN gives holders an opportunity to join the first-ever Solana Layer 2 blockchain.
Solaxy is set to enhance blockchain innovation through limiting congestion, reducing failed transactions, and improving scalability on SOL.… pic.twitter.com/satNF6zFNF
— Best Wallet (@BestWalletHQ) December 17, 2024
This approach reduces congestion during high-traffic periods – an issue that has challenged Solana during meme coin trading frenzies.
Solaxy also offers an attractive staking opportunity for SOLX holders, with an annual yield of 147%.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.001672 each using BNB, ETH, USDT, or a bank card.
Buy before a price hike in about 9 hours to lock in the best deal.
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