The News Crypto -
- Solana sets new record with 5.4 million daily active addresses.
- Upcoming Breakpoint conference could potentially boost SOL price.
- Technical indicators suggest possible short-term decline before potential rally to $169.63.
Solana (SOL) has recently achieved a remarkable milestone, setting a new record for daily active addresses and sparking speculation about potential price appreciation.
Despite this surge in network activity, SOL’s price has remained under pressure, mirroring the broader altcoin market’s struggles. As investors eye the upcoming Breakpoint conference, questions arise about SOL’s ability to leverage these positive factors for a price rebound.
On September 10, Solana’s blockchain saw an unprecedented 5.4 million daily active addresses, according to data from Artemis. This metric, often considered a key indicator of a project’s health and utility, signals robust user engagement and could potentially catalyze price growth by attracting investor interest.
The imminent Breakpoint conference, scheduled for September 20-21, adds another layer of optimism to Solana’s outlook. Historically, this event has correlated with positive price action for SOL.
Source: Artemis
Solana daily chart presents a nuanced picture
In 2023, the token experienced a significant rally from $21 to $65 in the weeks surrounding the conference. However, market conditions play a crucial role, as evidenced by the muted response during the 2022 bear market and the “buy the rumor, sell the news” effect observed in 2021.
From a technical perspective, Solana’s daily chart presents a nuanced picture. The Stochastic Relative Strength Index (Stoch RSI) has entered overbought territory, with both the %K and %D lines surpassing the 80.00 threshold. This configuration typically suggests an increased likelihood of a short-term price correction.
Looking ahead, Solana’s price action could unfold in two primary scenarios. In the bearish case, SOL might dip below $130, potentially finding support at $127.78.
Conversely, a bullish bounce from this level could propel the token above its 20 and 50-day Exponential Moving Averages, setting the stage for a potential rally towards $169.63 ahead of the Breakpoint conference.
This content was originally published on The News Crypto
