Solana Reaches Key Milestone Following Impressive Rally

The Solana [SOL] network has just set a new record of 75.2 million monthly active addresses, marking an all-time high (ATH). This surge represents an explosion in activity and user adoption, reflecting the growing appeal of the Solana ecosystem.

The recent surge in activity has shown how Solana is attracting more and more developers, users, and decentralized applications (dApps). As the network continues to expand, the potential for future adoption growth is very promising, especially with new features and updates expected to launch in the near future.

User Activity Growth is Booming

The number of active addresses has grown exponentially since mid-2023, with a surge in users in recent months.

This surge has surpassed previous records, demonstrating the robust growth of the Solana ecosystem. The network has established itself as one of the most scalable platforms in the decentralized finance (DeFi) and non-fungible token (NFT) space.

Solana’s growing user base is a testament to its ability to efficiently process large volumes of transactions, a key factor in driving mass adoption. With upcoming innovations, this growth trend is expected to continue as Solana consolidates its leadership in the blockchain space.

Solana Price Outlook

Solana is currently facing a key resistance level at $140, while the Bollinger Bands are narrowing, signaling a potential breakout in either direction. Solana’s RSI is currently at 42.07, indicating weak market momentum and the price is hovering near oversold territory. This suggests that bearish pressure may persist, but if buying pressure picks up again, the price could potentially reverse.

In addition, the MACD has just produced a bearish crossover signal, confirming that selling pressure is increasing. If the bearish sentiment prevails, Solana could test the lower Bollinger Band level at $124.88. A break of this level could see the price fall further to the $120 support zone.

On September 18, the Solana market recorded $121.31K in short liquidations and $3.19M in long liquidations, suggesting that long positions were more affected. Notably, Binance recorded the largest long liquidation of $2.02M, while $118.95K was liquidated from short positions. These figures reflect increased volatility in the Solana market, contributing to sharp price swings.