Solana Could Witness 92% Upswing As SOL Sees 5,000,000 New Addresses Created Daily, According to Analyst

Bitget App

Trade smarter

Bitget

News

Daily Hodl2025/02/09 16:00

By:by Henry Kanapi

A widely followed crypto analyst believes that layer-1 platform Solana ( SOL ) is in a position to witness a nearly 2x surge.

Crypto trader Ali Martinez tells his 124,300 followers on the social media platform X that Solana appears to be trading in an ascending channel – a pattern suggesting that an asset is in an uptrend.

According to Martinez, Solana seems to be holding the diagonal support of the pattern, indicating that a rise to the top end of the channel is on the table.

“Solana SOL is testing a key support level at the lower boundary of this parallel channel. Holding above it could strengthen the uptrend, fueling an upswing to $387!”

Solana Could Witness 92% Upswing As SOL Sees 5,000,000 New Addresses Created Daily, According to Analyst image 0

Source: Ali Martinez/X

At time of writing, SOL is trading for $201, translating to an over 92% gain if the asset hits the target price.

Looking at Solana’s on-chain activities, Martinez notes that the network is seeing strong adoption.

“The Solana SOL network is expanding at a strong pace, with over 5 million new addresses created per day!”

Solana Could Witness 92% Upswing As SOL Sees 5,000,000 New Addresses Created Daily, According to Analyst image 1

Source: Ali Martinez/X

As for Bitcoin, Martinez says that more than $6.794 billion worth of BTC have been taken out of crypto exchanges in the last seven days.

“Over 70,000 Bitcoin BTC have been withdrawn from exchanges in the past week, signaling long-term confidence!”

Solana Could Witness 92% Upswing As SOL Sees 5,000,000 New Addresses Created Daily, According to Analyst image 2

Source: Ali Martinez/X

At time of writing, Bitcoin is trading for $96,932.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X , Facebook and Telegram

Surf The Daily Hodl Mix

Generated Image: Midjourney

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops

Lock your assets and earn 10%+ APR

Lock now!

- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.

Bitget-RWA•2025/09/12 06:14

FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

OPEN has dropped by 189.51% within 24 hours during a significant market pullback

- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.

Bitget-RWA•2025/09/12 06:14