New buyers are piling into Solana as on-chain data signals fresh demand – and the charts are lining up for a potential breakout into price discovery.
Despite hotter-than-expected U.S. PPI data, investor sentiment remains risk-on, driven by speculation that interest rate cuts could begin as soon as September.
That backdrop is fueling renewed retail momentum for SOL, with the altcoin showing signs of decoupling from macro headwinds.
With technicals turning increasingly bullish, the near-term Solana price prediction now puts $500 well within reach – possibly in just two weeks.
The 5% dip during Thursday trading has largely been dismissed as a shakeout of weak hands rather than a sell-the-news event, keeping the path open for continuation.
New Buyers and Smart Money Fuel Solana Rally
According to Glassnode data, recent retail demand appears to be driven by new buyers entering the market.
The number of new addresses participating in SOL transactions for the first time is up 51% since August 3, suggesting Solana is the play of choice amid a fresh wave of retail liquidity.
Number of new Solana addresses. Source: Glassnode.
Smart money is also doubling down on Solana. The number of wallets holding over 10,000 SOL hit a record 5,224, suggesting interest extends beyond short-term holders.
Whales are accumulating, a testament that there are still significant gains on the table.
Solana Price Analysis: Can SOL Hit $500 in 2 Weeks?
The Daily RSI supports further upside, with the rally yet to hit the overbought threshold at 70, typically the point where bull runs stall as buyers exhaust.
SOL / USDT 1-day chart, ascending triangle pattern. Source: TradingView, Binance.
Since the PPI-driven drawback, the RSI has cooled to 60, an even stronger floor for another push.
The MACD tells a similar story, continuing to widen its lead above the signal line, a sign that bullishness remains the driving force as the uptrend holds with conviction.
Still, should the sell-off continue, $175 is the next Solana price floor for a potential reversal.
The $207 level remains the key breakout threshold, acting as the ceiling of an ascending triangle that has been forming since the mid-April market bottom.
A flip of $207 into support would open a clean path for Solana to reclaim its $300 all-time high, with little historical resistance overhead.
If fully realized, the breakout could propel the Solana price to $500, a potential 183% gain from current prices.
However, such a move is a long shot within the next two weeks, with the interest rate cut decision still 33 days away, marking the next major demand catalyst.
That $500 target becomes far more plausible as the bull market matures, particularly with untapped TradFi demand through potential 401(k) inclusion and a spot SOL ETF approval.
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The altcoin market is heating up, and those backing the wrong plays are missing out as fresh retail liquidity floods in.
While the Solana price holds steady, low-cap meme coins in its ecosystem – like Useless Coin, up 55% in the past week – are already making moves.
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