Solana network activity surge and ‘megaphone’ chart pattern set $210 SOL price target
Solana (SOL) price tested resistance at $180 but failed to maintain above this level, dropping 5.65% since May 14. SOL has consolidated above $170, forming a megaphone pattern on the 4-hour chart, indicating increased volatility. The upper resistance trendline of the pattern is near $185, with a confirmed breakout potentially targeting $210, a 21% increase from current prices. A break above $200 could attract more buying pressure. Conversely, failure to break $180 may lead to a pullback towards the 100-day EMA at $161 or lower support at $150. Volume confirmation is crucial for the breakout's validity. Solana's realized cap has increased by $4 billion to $78.5 billion, with a 4% to 5% rise in 30-day capital inflows, indicating renewed investor interest. Solana processed 731 million transactions recently, ranking second among blockchains, demonstrating its popularity and performance compared to others.
