Solana Price Eyes Bullish Crossover as New Addresses Hit Monthly High
Solana's price is range-bound, but improving on-chain metrics, including a monthly high in new addresses, suggest a potential bullish crossover on the MACD indicator.Summary
Solana (SOL) has been struggling and remains within a bearish setup despite avoiding new lows. However, network activity shows positive signs, with the creation of new wallet addresses hitting a monthly high, indicating renewed investor interest and potentially increasing liquidity.
Technically, the Moving Average Convergence Divergence (MACD) indicator is approaching a bullish crossover, which, if confirmed, would signal weakening downward momentum and a potential price reversal.
At the time of writing, SOL was priced at $187, holding above the $183 support but struggling below the $192 resistance. A successful bullish confirmation could see the price target $200 or higher, while failure to gain momentum might lead to a drop toward $175 or $163.
(Source：BeInCrypto)