Rising daily active users on the Solana network suggest a potential breakout toward $120, even as the broader crypto market faces uncertainty from Federal Reserve policy shifts.
Increasing daily active users on Solana network signals a potential massive price move based on historical moving average crossovers, with a short-term target of $120.
Solana (SOL) maintains critical support above $100 despite macroeconomic headwinds and rising interest rate hike expectations. On-chain data reveals a steady increase in daily active users, mirroring historical patterns that preceded significant price volatility. Analysts maintain a bullish short-term outlook with a $120 price target, provided the asset holds its 200-day EMA support.
The bullish sentiment is primarily driven by an increase in daily active users on the Solana network, which historically correlates with significant price movements when crossing key moving averages.
The primary risks include hawkish commentary from the Federal Reserve regarding interest rates and potential liquidity drying up, which could push the price down to the $90 support level.