During Thursday’s U.S. market session, the crypto market projected low volatility as Bitcoin correction stalls above $90,000. The long-tail rejection in BTC price has bolstered most major altcoins, including SOL, to seek stable support. For potential rebound, Solana price could garner investor attention amid bullish pattern formation and a significant spike in user engagement.
According to Coingecko, SOL’s market cap stands at $92.5 Billion, while 24-hour trading is at $5.04 Billion.
Key Highlights:
- Solana leads in monthly active users with 100.8 million users recorded, surpassing competitors.
- The falling SOL coin could seek support at 0.5 and 0.168 of the Fibonacci retracement level, coinciding with the price levels of $186 and $168.
- The formation of a cup and handle pattern could prepare this layer-1 cryptocurrency for a massive rally to $500.
Solana Leads Blockchain Adoption with 100.8M Users
According to a recent tweet posted by Satoshi Club, Solana has emerged as the leader in monthly active users, boasting an impressive 100.8 million users. This figure positions Solana well ahead of its competitors, surpassing Base (24 million users) and Uniswap (18 million users) by a significant margin.
The Token Terminal’s data reveals that Solana’s monthly active users are four times higher than Base, highlighting its growing popularity and adoption within the blockchain ecosystem. The development should bolster market sentiment and assist in sustained demand pressure on Solana price.
Solana Price: Key Fibonacci Levels to Watch Amid Market Correction
Amid the Bitcoin struggles to sustain $100k, the Solana price showcased a bearish turnaround from $223 to $191.6— a 14% loss— in the last four days. This new lower-high formation in the daily chart indicates sell-the-bounce sentiment among investors, a signal for potential downfall ahead.
According to the Fibonacci retracement tool, the falling price could seek support at $186 and $168, coinciding with 0.5 and 0.168 FIB levels. Sustaining these supports could follow SOL price to develop a traditional reversal pattern called cup and handle.
The chart setup shows a long-accumulation trend in U-shaped reversal and temporary pullback to revive bullish momentum. Under the pattern’s influence, the Solana price prediction hints at a potential rebound to breach the $260 neckline.
The post-breakout rally with an accelerated momentum could chase the $500 mark.
Also Read: Circle CEO Jeremy Allaire Reflects on How Far Crypto Has Come
