Solana (SOL) active addresses nearly doubled to 4.8 million since the start of 2026 while Standard Chartered slashed its year-end price target to $250 from $310, citing delays in the blockchain's shift away from meme coin dependency.
What Happened: Price Target Cut
Geoffrey Kendrick, the bank's head of digital assets research, said in a note Tuesday that Solana remains a quality project worth buying despite its heavy reliance on meme coin trading. The shift toward more sustainable applications like micropayments is underway but will take time to reach scale.
Active addresses on the network climbed from 2.5 million to 4.8 million in recent weeks.
SOL's total open interest jumped more than $34 million in the past 24 hours, with rising open interest typically signaling stronger market conviction among large traders and funds.
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Why It Matters: Network Growth
The surge suggests user participation has returned to the blockchain, with activity driven by network usage rather than speculation alone. Such sharp increases in open interest have historically preceded rallies in the token's price.
Solana price remained in a range and failed to settle above $90, with the price now facing hurdles near the $90-$92 zone.
The next major resistance is near the $92 level and the 61.8% Fib retracement level of the downward move from the $106 swing high to the $68 low.
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