Solana SOL/USD 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 $106, Ali Charts believes it can start a 47% rally.
Another crypto user, Tryrex on his X platform stated, “$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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