Solana (SOL) Price Jumps 6% on Increased Network Adoption

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.

The Solana price surged 6% in the past 24 hours to trade at $138.48 as of 12:30 a.m. EST on trading volume that soared 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.

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.

The Solana price is currently trading at $130.48, up 6% over the past 24 hours. The price action is unfolding within a crucial support zone between $120 and $130, which is also a Fair Value Gap (FVG) zone, according to GeckoTerminal data.

Moreover, 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.

The post Solana Price Analysis: Can SOL Recover After Double Top Breakdown? appeared first on Benzinga.