🚀🚀🚀Solana Price Analysis: Assessing $120 Reversal or $150 Rebound"💣💣💣

Solana (SOL) has faced a notable 34% price decline over the past month, with on-chain metrics indicating a decline in new user acquisition as a key catalyst behind this downturn.

Decline in New User Acquisition:

On-chain data reveals a significant 51% decline in the rate of new users joining the Solana network over the past month. This decline, tracked by HelloMoon's Daily Signer chart, highlights a shift in market sentiment and reduced demand for SOL.

Impact on Price Action:

The decrease in new user acquisition has had a noticeable impact on SOL's price, contributing to a 34% decline over the same period. As the asset struggles to attract new demand, it faces increased selling pressure and downward price movement.

Price Forecast:

Bears are eyeing a potential reversal to $125, with the lower limit of the Bollinger Band indicator suggesting further downside. However, if selling fatigue sets in among SOL sellers, bulls may attempt to stage a rebound towards $150. Short-term price recovery efforts could face resistance at the 20-day SMA price of $146.

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Readers should conduct their own research before making any investment decisions.

source - cryptobasic.com