Solana prices rise for the fourth day, reaching the $180 barrier for the first time in three months.
SOL's March 2024 high of $210 is its upside target.
Tuesday saw Solana (SOL) hit a near three-month high above $180 for the fourth consecutive day. Monthly active addresses on the Solana network are rising rapidly, indicating strong trader demand and supporting the bullish price prediction for the native token.
Solana reports significant growth in monthly active addresses.
The active addresses of a blockchain are its wallet addresses that have been recipients or senders.
The Block reports a huge increase in Solana’s monthly active addresses, especially in recent months. The number reached 107.04 million in October. There are two days left in the month, so the chart is incomplete.
Daily active addresses fell to 2.68 million on Sunday from 8.81 million on Oct. 22, according to Dune Analytics. Meme coin activity and decentralized exchange transactions on the Solana network likely caused the spike on Oct. 22.
SOL may peak in March
Solana has been on a tear since October 1. On Tuesday, the cryptocurrency is challenging resistance at the psychologically crucial $180 level. A daily close above it could push it to a high of $210.18 on March 18, 2024.
A rise to $210.18 would be 16% higher than current levels. SOL must overcome the Fair Value Gap (FVG) between $192.24 and $193.69 to achieve this target.
The Moving Average Convergence Divergence (MACD) momentum indicator displays green histogram bars above the neutral line, indicating positive SOL price momentum.
The daily chart's Relative Strength Index (RSI) is at 68, close to overbought, signaling a corrective decline if it reaches the range above 70.
The daily price chart shows that Solana could wipe out FVG's liquidity between $159.85 and $160.99 if it falls. Exponential Moving Averages (EMAs) and the upper and lower limits of the imbalance zone at $144.71 and $134.27 are other support levels.
