Solana Price Forecast: Bullish on-chain data predicts 13% rise

On Friday, Ethereum-alternative Solana rises almost 4% to $144.10.


SOL may reach August 8 high of $163.70 after 13% gains.
Solana (SOL) has risen since October 2023. On the meme currency ecosystem's expansion in SOL, the Solana blockchain's native token has grown continuously. On October 9, 2024, Solana network indicators like new and active addresses increased.

Solana on-chain measurements indicate price rise.
The Block reports a growth in Solana network active and new addresses. The data below shows 3.44 million active addresses as of October 9. This is up from 3.06 million on October 6.

October Solana transactions rose to 38.88 million on October 10, 2024. Transaction growth indicates market demand and trader adoption.


Another positive statistic is Solana decentralized exchange volume. Syndica data suggests that Solana's spot decentralized exchange volumes skyrocketed to $480 billion YTD in 2024, exceeding 2022 and 2023. It's 22X higher than 2022 and 11X higher than 2023.

Solana Price Prediction: 13% Gain
Solana rose in October 2023. Altcoins have risen since then. From August 5, SOL saw price movement rangebound between $163.70 and $110.

The September 30 low of $151.73 might stop SOL's 13.6% recovery toward $163.70.

A daily candlestick closing below October 10's $135.52 low might debunk Solana's bullish thesis. SOL may grab liquidity at $140.67, the 200-day EMA.

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