Solana Sees Record 4.61M Daily Active Addresses: Is $200 Within Reach for SOL?

• Solana’s price has held steady around $150, driven by increased network activity and bullish momentum, with daily active addresses reaching 4.61 million.
• Despite facing resistance at key levels, technical indicators like the EMA and MACD show a favorable long-term outlook for SOL.

The Solana price has recently held steady around the $150 psychological mark. This feat coincides with a notable increase in daily active addresses on its network. Thus, analysts expect a SOL price surge in “Uptober” and have even set a $200 target, per the CNF report.

With a market capitalization of $72.15 billion, the Solana price is maintaining a bullish trend despite some short-term fluctuations. Over the last seven days, SOL price surged by 17.06% from its low of $135.58, hitting a high of $158.72. 

However, this sharp increase failed to trigger a breakout rally above the key resistance level, resulting in a slight pullback. Last day, the SOL price declined by 1.73% while it maintains resilience at the moment.

The bullish momentum, driven by a double-bottom breakout rally, has met resistance at an overhead trendline. As a result, Solana is now struggling to maintain its position above $150, a crucial level for the continuation of its upward trajectory, per the CNF report.

Despite these challenges, the network’s underlying fundamentals are showing signs of strength. On October 14, Solana’s daily active addresses reached an all-time high of 4.61 million as the network usage surged.

As of now, the number of active addresses has slightly decreased to 4.51 million but it remains significantly higher than previous levels. This surge in network activity reflects growing interest and demand for Solana, particularly in the decentralized finance (DeFi) space and crypto market. Moreover, Solana’s expanding network activity has contributed to its price stability amid the market volatility.

Solana Price Technicals & ETF Dynamics

Despite the recent volatility, the asset’s 50-day exponential moving average (EMA) continues to trend positively in relation to the 200-day EMA. This alignment suggests a favorable longer-term outlook for Solana price, supported by bullish technical indicators, as reported by CNF.

Further strengthening the positive sentiment, the Moving Average Convergence Divergence (MACD) indicator shows a bullish crossover. Currently, both the MACD and signal lines are pointing upwards. These signals suggest that the SOL price could soon see another rally if it breaks through key resistance levels.

Looking ahead, Solana may face a critical test around the $186 resistance level. If it breaks out from this level, the SOL price could potentially reach $201 if the current trend continues. However, the price could also face further downward pressure if the pullback extends, testing the $147 support level. In the event of a more significant downturn, Solana’s 200-day EMA at $141 will act as a crucial support zone.

Meanwhile, market participants are closely looking forward to the SEC’s discretion on Solana ETFs. Currently, the agency is skeptical about such products as spot Ethereum ETFs failed miserably in the U.S. market despite the success of its Bitcoin counterparts.

Nonetheless, the market remains optimistic as the presidential elections could bring over a pro-crypto administration regardless of whether Donald Trump or Kamala Harris wins. Also, the applicants could leverage some strong points to convince the agency. This could eventually lead to a Solana ETF approval, which could boost the altcoin’s price owing to a surge in institutional influx.