Solana Price Prediction: SOL Reaches New Heights Despite Record-High On-Chain Metric


As of this writing, the price of Solana has dropped to $170, a decrease of approximately 4% from the previous day.

According to statistics from Blockworks, economic activity in Solana reached its fourth straight all-time high.

If SOL continues to incur losses, it might see a correction of more than 5%.

Early on Friday, Solana (SOL) retraces to the $170 mark. Despite on-chain indicators indicating an uptick in activity, the Solana blockchain native coin is now experiencing a downturn.

According to Blockworks data, Solana has seen an increase in its activity, which is probably due to the demand for meme currencies. Nonetheless, the altcoin's value has not increased as a result of this.

Solana on-chain analytics are not successful in increasing the price.
Economic activity on the Solana blockchain has reached a new all-time high for the fourth time, according to Blockworks statistics.

The increase in on-chain activities and the expansion of the economy have no impact on the price of SOL.

Solana has the potential to fall 5%.

There has been a rising tendency for Solana. On Friday, SOL was able to recover and settle around $170. The cryptocurrency may fall another 5% and reach $160.99, its liquidity threshold, if the correction continues. The Fair Value Gap (FVG) lower border and the October 21 low are both marked by this level.

In the imbalance zone, which is $156.65–$157.58, SOL may find support.

There is a downward sloping Relative Strength Index (RSI) of 61.45. What this means is that the price of Solana is moving in a negative direction, lending credence to the bearish thesis for SOL.

If SOL's daily candlestick closes above $179, the altcoin's high from Thursday, the bearish argument might be invalidated. Potentially, Solana may reach a new high of $185.10 in August 2024.


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