Solana's New Address Surge Amidst Price Consolidation

Solana has recently experienced a significant increase, adding 1.1 million new addresses within a 24-hour period. According to NS3.AI, despite this surge, the monthly average of new addresses is showing a downward trend, although it still surpasses the yearly average. Currently, SOL is trading around $87, positioned within a neutral megaphone pattern. This pattern is characterized by overlapping supply and demand zones, which are maintaining the price within a narrow consolidation range. The Chaikin Money Flow indicator remains positive, suggesting continued interest in the asset. Analysts have identified $92 as a potential breakout level, which could lead to a rise towards $97. Meanwhile, $81 and $77 are considered key support levels that underpin the current bullish outlook for Solana.