With the overall cryptocurrency market down to start the week, Solana has seen a surge in new addresses that could fuel a comeback for SOL. Indeed, the figure touched 1 million new wallets last week, according to data from IntoTheBlock. Moreover, it filed a breakthrough for the asset on Monday.
SOL is currently trapped in a consolidation range of $160 and is seeking some momentum to move upward. Over the last 24 hours, the asset has been up less than 1%, according to CoinMarketCap, but has moderately broken through the $160 level. Now all eyes are on whether or not the renewed interest can propel the asset out of its recent slump.
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Solana New Addresses Reach High as SOL Challenges $160
The digital asset market has few tokens with more potential for increases than Solana. The asset has emerged as one of the best performers of this cycle, alongside Bitcoin and Ethereum. Subsequently, the token’s ascension has led many to discuss the high hopes they have crafted for the cryptocurrency.
Yet, it endured a bit of a setback as part of an overall market downturn. Now, as it seeks to break out of a recent consolidation phase, Solana could see its recent surge in new addresses lead to an impending breakthrough. Specifically, the blockchain saw 1 million new addresses last week, with the figure settling above the 900,000 mark.
That has not yet had an impact on the overall price of SOL, which is still struggling to solidify a breakthrough beyond $160. However, it is an important note to discuss regarding the growing interest in the asset. That could be the catalyst for a surge that could take place sooner rather than later.
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Over the last 24 hours, Solana has seen its trading volume increase by more than 8%. Additionally, there could be an expectation of a turnaround alongside the greater digital asset market. The asset’s value could also surge if whales begin to accumulate, driving the value of SOL even higher.
There are still hopes for a bullish run for Solana, with some predictions expecting a surge to between the $180 and $190 level. The token’s performance in July will depend heavily on the overall market movement. If positivity is ensured, Solana should benefit from that.