Network activity may push Solana over $190
Solana falls from Tuesday's $183 peak after surging with Bitcoin.
On-chain data shows that unique active wallets have doubled in five days.
Technical indications suggest SOL might rise roughly 9%, breaching $190.
Solana (SOL) falls 2% on Wednesday, after a four-day gain fueled by Bitcoin's (BTC) rapid leap to practically an all-time high. On-chain statistics and technical indicators suggest SOL's prognosis is good despite the downturn, extending the current rise toward $190.
These factors might boost Solana.
According to DappRadar, on-chain indicators including SOL traded, transactions, and unique active wallets (UAW) have surged in the previous five days.
From October 26 to 29, volume rose from $126.46 million to $163.09. On October 25, it reached $341.1 million.
Transactions rose from 17.4 million to 19.2 million on October 24 and UAW more than quadrupled from 3.06 million to 6.19 million. A sudden spike in active wallets indicates traders' interest and demand.
Price forecast: Solana might rise 9%
October solana prices are rising. SOL reached a three-month high of $183.38 on Tuesday before correcting.
If the upswing continues, SOL might reach the lower Fair Value Gap (FVG) border between $193.69, a 9% gain from present prices, and $192.24.
The momentum indicator MACD has green histogram bars above the neutral line. There may be upward momentum in SOL price movement.
Traders should monitor this indicator since red histogram bars beneath the neutral line may suggest a price reversal.
Solana may find support around the 10-day Exponential Moving Average (EMA) at $156.03 if the latest drop deepens.
