[Solana price rises to $250 as users surpass 1 million]
While Bitcoin prices dipped below $70,000, Solana’s (SOL) native token showed bucking momentum, with prices stabilizing above $165. This resilient performance signals that Solana could be in for a strong buying wave if the overall market resumes its upward trend.
Currently, the focus is on whether Solana’s price can sustain above $150. After bouncing off support at $95.5 in late February, Solana has embarked on a strong rally that has seen the price soar 86% to $183 in three weeks. Along with the price increase, active addresses on the Solana network surged from 660,000 on February 26 to a record high of 1.04 million, showing a significant increase in user activity and increasing the appeal of Solana.
Additionally, Solana's price increase has broken through the neckline resistance of the cup and handle pattern, a well-known market reversal pattern that signals a positive change in market trends, setting the stage for continued growth.
With price up 2.32% on the day, SOL is steadily moving higher along the path signaled by the cup and handle pattern. If this trend continues, SOL could rise a further 38% to reach a $250 price target.
However, Lookonchain recently discovered an important transaction in which 120,905 Solana tokens, worth approximately $20,399,501, were transferred from an unknown wallet to Binance. Usually, large transfers into exchanges often indicate increased selling pressure, which in turn affects prices.
An overall market correction and large outflows could trigger a new price correction for SOL. During this period, the $162 and $146 support levels, which coincide with the 23.6% and 38.2% Fibonacci retracement levels, will be of focus for buyers.
