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$300 or $150; Where is Solana Price Heading By February End?

Author: Content Editor
$300 or $150; Where is Solana Price Heading By February End?
The native cryptocurrency of the Solana network, SOL, experienced a slight decline of 1.62% during the U.S. market session. This decline indicates the formation of a well-known pattern that could potentially lead to a breakdown. However, there is hope for a recovery due to a rise in network activity, which suggests increased usage and demand. The Solana network has seen a weekly surge of 6.8% in active addresses, leading to higher network utilization. Additionally, the SOL OI-Weighted Funding Rate has rebounded, indicating buyer confidence for a higher rally. Over the past three weeks, SOL has seen a correction in price, projecting a loss of 33.5%. The formation of a double-top pattern suggests a further potential downside, with a potential breakdown leading to a price correction to $120. However, there is a strong support zone at $175, coinciding with the 38.2% FIB level, which could prolong the current consolidation trend and rebuild bullish momentum. It is unlikely for SOL to regain $300 by the end of February.

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