Solana's price remains below $200, but technical indicators and on-chain activity reveal a different narrative. With the MACD nearing a bullish crossover, the network sees a historic surge in monthly new addresses. Could this signal a market takeover by the bulls?
The spectacular increase in the number of new wallets on the Solana network represents the most encouraging signal in recent weeks. This explosion in on-chain activity marks a monthly record, reflecting a significant renewed interest in the ecosystem. Unlike the stagnating price, the fundamentals are gradually strengthening.
The growth in active addresses generally translates into two essential dynamics. First, it signals the arrival of new participants in the ecosystem, often synonymous with fresh capital ready to invest. Second, it demonstrates renewed confidence in the network’s utility and its decentralized applications. These two elements constitute major catalysts for a sustainable price increase, provided the trend maintains its momentum.
This increase in network activity comes despite a challenging market context for Solana. SOL is struggling to regain the bullish momentum that propelled it beyond $200 earlier this year. However, if this expansion of the user base continues, it could generate increasing buying pressure and improve liquidity on exchanges. Recent history shows that projects displaying organic growth in their network outperform in the medium term.
Technical analysis reveals a potentially decisive development for SOL’s price. The MACD indicator is approaching a bullish crossover, with the MACD line converging toward the signal line. This movement suggests an exhaustion of the bearish momentum that has weighed on the altcoin for several weeks.
A confirmed bullish MACD crossover constitutes a major technical signal for traders. It indicates a change in momentum and could trigger a wave of buying from technical investors. In Solana’s case, this signal would come as the price firmly defends the $183 support, strengthening the probability of a rebound.
The current price zone holds strategic importance. SOL is evolving in a narrow range between the support at $183 and the resistance at $192. Breaking through this key resistance could pave the way toward $200, a major psychological level. Conversely, losing the $183 support would invalidate the bullish scenario and expose SOL to a correction toward $175, or even $163 in case of capitulation. The upcoming trading sessions will therefore be decisive for the short-term trajectory of the altcoin.
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