CandleFocus Solana could rally as Breakpoint conference approaches
2024-09-11
Author: Content Editor
Solana (SOL) is experiencing increased network activity and daily active addresses ahead of the upcoming Solana Breakpoint conference. The network has seen its highest single-day daily active address growth, adding over 5.4 million new addresses. Daily transactions are also rising, which could help recover network fees from a recent downward trend. The Solana Breakpoint conference has historically led to price rises for SOL, with previous years seeing increases of 35% to 60% before the event. However, industry events can also result in potential price declines. Currently, SOL is attempting to sustain a move above resistance at $136, with potential for a rally towards $163. A failure to trade above $136 could lead to a decline towards the $120 support level. The 200-day Simple Moving Average acts as resistance, but the Relative Strength Index shows rising bullish momentum. The Stochastic Oscillator suggests a short-term correction may be imminent.
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