Solana Price Registers 14% Rally – What Helped SOL End Its 4-Week Consolidation?
Solana's price surged 14% after breaking a four-week consolidation, driven by increased new network addresses and positive Money Flow Index readings.Summary
Solana (SOL) experienced a significant 14% rally in 24 hours, successfully breaking out of a month-long consolidation range between $77 and $88, with the price currently trading above $88.
The rally is supported by fundamental network growth, evidenced by a 17% increase in daily new addresses on the Solana network over the past two weeks, indicating rising demand. Furthermore, the Money Flow Index (MFI) has entered positive territory, suggesting that buying pressure is now outpacing selling pressure, signaling organic capital rotation back into SOL.
Conversely, large holders (whales holding over 100,000 SOL) have slightly reduced their supply dominance, suggesting some skepticism among major investors. However, smaller investors are absorbing this supply, leading to a more distributed ownership base. If current positive momentum holds, SOL is poised to target resistance at $97 and potentially $105; however, a drop below the $88 support level could invalidate the bullish outlook and send the price back toward $77 or $67.
(Source：BeInCrypto)