Crypto price prediction: On chain indicators showing SOL crypto price will climbing up

 Solana (SOL) crypto:

On-chain indicators shows both addresses active and new on the SOL blockchian are climbing up, data collected from the Block.

 

SOL crypto price analysis

Positive Developments for Solana Blockchain

The increase in key metrics for the Solana (SOL) blockchain suggests some positive developments for its ecosystem. One major indicator is the growing user base. More active and new addresses mean that more users and entities are joining the Solana (SOL) network. This growth in users can lead to more activity on the network and possibly boost the price of SOL tokens.

Another positive sign is the increased network activity. With more transactions and smart contract operations, it shows that the network is being used more often. This kind of frequent use is a good sign of a healthy and lively ecosystem. It means people are finding value in using Solana (SOL), which is crucial for its long-term success.

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Rising on-chain metrics often reflect positive market sentiment. When these metrics go up, investors might see it as a sign that the future looks bright for Solana (SOL). This can create a bullish outlook, where people feel optimistic about the blockchain's potential and are more likely to invest in it.

If these trends continue, Solana (SOL) could see several benefits. One potential outcome is price appreciation for SOL tokens, driven by increased user activity and positive sentiment. Additionally, a growing user base can attract more developers and projects, fostering more innovation and development within the ecosystem. As the network becomes more active and valuable, it might also draw in more investments and partnerships, further strengthening Solana (SOL)'s position in the blockchain space.

 

SOL crypto price prediction:

SOL crypto price chart analysis

Solana (SOL) has been on the rise since October 2023. Despite this upward trend, in the last six months, SOL has shown a pattern of forming lower highs and lower lows, which can be observed on the SOL/USDT daily chart. Looking ahead, SOL has the potential to gain 11.71% and approach the resistance level of $172.91, which was its peak in August. However, before reaching this point, SOL might encounter resistance at $165, a significant psychological barrier for the altcoin.

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The Moving Average Convergence Divergence (MACD) indicator shows green histogram bars above the neutral line, suggesting that SOL’s price trend has positive momentum. This indicates that there is underlying strength in SOL’s current price movement, which could support further gains. Investors often look at the MACD to gauge the momentum of a cryptocurrency, and in this case, it seems to be signaling a bullish trend for SOL.

MACD indicator on SOL crypto price chart

A crucial support level for SOL is the Fair Value Gap (FVG) between $148.86 and $150.31. If there is a correction in SOL’s price, this zone could provide significant support by absorbing selling pressure. Additionally, this area could be a point where SOL sweeps liquidity, which means it could attract buyers and stabilize the price if it dips into this range.

RSI indicator on SOL crypto price chart

Another important technical indicator is the Relative Strength Index (RSI), which currently reads 59 and is sloping downward on the daily chart. An RSI above 50 typically indicates positive momentum, but the downward slope suggests that SOL might face some short-term selling pressure. Despite this, the RSI remains above the neutral level, indicating that SOL is still in a relatively strong position, though a correction could occur in the near future.