CandleFocus Solana Active Addresses Hit All-Time High: What it Means for SOL Price
2024-09-11
Author: Content Editor
Solana (SOL) recently reached a record high of 5.4 million daily active addresses, indicating strong user engagement and potential for price gains. The upcoming Breakpoint conference in September has historically been bullish for SOL, leading to price increases in previous years. However, the Stochastic RSI suggests that SOL could experience a short-term price decline before potentially rebounding. If the token bounces from its support level, it could rise above the 20 and 50 Exponential Moving Averages and potentially reach a target price of $169.63. However, if the number of active addresses declines, the price could fall to $124.19 instead.
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