The cryptocurrency landscape is witnessing an uptick in investor confidence, with Solana‘s (SOL) value experiencing a notable climb from the $80 mark. Over a span of two weeks, SOL has witnessed a 25% surge in its price, tipping the scales at $98.48. In concert with the price increase, the Solana Blockchain has seen one of its largest token AirDrops to date. The decentralized exchange Jupiter initiated the distribution of JUP tokens valued at around $700 million to almost a million wallet addresses on January 31. This event, coupled with Solana’s network advancements, suggests a strong possibility for SOL to cross the $100 threshold.
Solana’s Optimistic Price Trajectory With Key Technical Patterns
Currently, Solana trades at $97, having retracted by 2.6% in the past day. While most major altcoins have exhibited a lateral trend in recent times, SOL’s price chart remains bullish, showcasing an Inverse Head and Shoulders pattern. This technical formation is frequently interpreted by traders as a sign of increasing demand and provides a strategic entry point for opening long positions.
The growth of Solana’s Blockchain is further evident from the surge in new wallet addresses during January, with a total of 543.84 thousand new registrations. This uptick in active wallets indicates a wider engagement within the network. Factors like heightened DEX transaction volume and the popularity of memecoins, such as BONK and WEN, have played pivotal roles in boosting the network’s activity for the month.
Amid these positive indicators, SOL’s price is well-positioned for an increase. A robust break through the $107 resistance could lead to a buying surge, potentially propelling the altcoin’s value by 26% to reach $135.
Assessing SOL’s Movement Through Technical Analysis
Key technical indicators like the Bollinger Bands confirm a sideways trend in the short term, while the Relative Strength Index (RSI) above 50 on the daily chart is a testament to the rejuvenating investor confidence in SOL.