Solana Activity Surges: Is A Price Breakout Imminent? Analyst Foresees Rally To $150

Solana (CRYPTO: SOL) may be primed for another price breakout following positive developments in the community and potential flows to altcoins.

What Happened: Activity on Solana is picking up, evidenced by several developments in the ecosystem.

Nansen data shows a 98.9% surge in Solana monthly active addresses in December. The 13.9 million active addresses topped Binance's BNB Chain (13.7 million) and far exceeded Ethereum (5.4 million).

Furthermore, Solana-based decentralized finance (DeFi) aggregator Jupiter announced Jan.31, 2024 as its official launch date for an expected token airdrop of 1 billion freshly minted JUP tokens to the wallets of Solana DeFi users. 

The aggregator also hinted at a memecoin launch in its announcement, saying: “Yes, it is a real memecoin.  No, it is not by Jupiter. No, it is not MEOW. Just wait.”

Solana Mobile, Solana's smartphone arm, announced preparations for the launch of a second model, promising a more economical price tag and revised hardware components.

Read Also: Solana Ecosystem Continues To Explode - This Dog Coin's 'Wife' Went Up 69.000% In 24 Hours

Why It Matters: Crypto analyst Ali Charts took to X to share his bullish analysis: if Solana closes above $106, Ali Charts believes it can start a 47% rally.

#Solana is breaking out from a bull flag that developed on the 4-hour chart. A sustained close above $106 can trigger a 47% rally that pushes $SOL toward the $150 - $165 price range. pic.twitter.com/VmbA9L4QuL

— Ali (@ali_charts) January 11, 2024

Another crypto user, Tryrex on his X platform stated, “$SOL: Bought a large position right now. I think whales and traders are going to buy this triangle breakout and send price to 150$.”

Price Action: In the past 24 hours, SOL is up 1.6%, currently trading around $98. 

Read Next: 'Ethereum Killer' Solana Plummets 12%, Max Keiser Says 'Rug Pull Has Begun'

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