Solana's price has increased by over 4.5% in the last 24 hours, trading at $174.87, thanks to a recovery in the broader cryptocurrency market, led by Bitcoin's 1.6% daily gain. This surge is also linked to a rising demand for Solana tokens, fueled by popularity in the memecoin sector and notable SPL token airdrops. Memecoins like Dogwifhat have seen substantial gains, propelling further interest in the Solana ecosystem. Accompanying this price rise is a notable 29% increase in daily transactions on the Solana blockchain, as well as the creation of over 40,000 new tokens, indicating heightened user engagement and network activity. Additionally, Solana's daily revenue jumped 70.6% to about $2.3 million, reflecting increased usage. Technically, SOL's price breakout above $160 formed a bullish ascending triangle, with a target price of $200, though it is currently overbought. Key support levels to watch are $163 and $150.

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