Solana
Solana Price Analysis Hints at Rally to $200 as OnChain Metric Jumps 33%
Solana Price Prediction: June 12, Solana the coin saw a notable jump of 7% to reach the trading value of $160. This rise follows the broader market recovery as crypto investors reacted positively to the CPI data in the United States. The United States reported that the unadjusted annual rate of the Consumer Price Index (CPI) for May was 3.3%. Less hawkish monetary policy generally supports riskier assets, including cryptocurrencies, by maintaining more favorable liquidity conditions.
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New addresses on the Solana network reached 1.03 million
Solana Price Analysis | Commercial view
Over the past three months, Solana coin price has been trading sideways, as evidenced by the lower high and lower low formations in the daily chart. These prices connected by two converging trend lines indicate the formation of a symmetrical triangular pattern.
In theory, the sideways action caused by this pattern is temporary as it allows buyers to recapture the spent bullish momentum for a rally higher.
Amid the stable price movement of Solana (GROUND), there has been a significant increase in its on-chain metrics, as reported by The Block. The number of new addresses on the Solana network increased from 769,970 on May 2 to 1.03 million today, an increase of approximately 33.8%.
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This growth indicates increasing interest and adoption of Solana, potentially signaling stronger fundamental support and future price potential.
As the crypto market reacted positively to the lower-than-expected CPI data, SOL price rebounded from triangle support. Based on trend history, a potential reversal of lower support is expected to send the asset up 12% to trade at $178 and hit the overhead trendline.
Until both trendlines are intact, sideways SOL price action will continue.
However, with increasing network activity and the broader market uptrend, Solana coin has higher potential to break overhead resistance. If buyers turn overhead resistance into support, Solana’s price prediction target could extend to $210, followed by $310.
Technical indicator
- EMA: SOL price returns above 100 days Exponential moving average suggests that the broader trend remains positive from investors.
- Vortex indicator: A negative crossover state between slopes VI+ (blue) and VI- (orange) indicates that sellers are active toward that asset, prolonging consolidation.
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