The price of Solana (SOL) remains stable above $187, showing resilience. Recent data from the blockchain analytics platform Glassnode reveals a monthly milestone in new wallet creation. This occurs as bullish indicators Solana price technicals, like the MACD, suggest a trend change.
Currently, SOL is trading at $187, defending the critical $183 support. The MACD (Moving Average Convergence Divergence) technical indicator is very close to executing a bullish crossover. This signal suggests a weakening of selling momentum. Concurrently, the growth of new active addresses on the network has reached its highest point in the last month. This increase demonstrates notable participation from new investors.
The increase in new wallet creation is significant. It reflects renewed confidence in the utility and long-term prospects of the ecosystem. When more users join the network, the potential demand for the asset increases. This fundamental growth is essential to sustain any price recovery. The network activity suggests genuine interest beyond speculation.
Can SOL Break the Key Resistance at $192?
Analysts are closely watching the immediate resistance at $192. If the bullish indicators Solana price gain traction and the price breaks this level, the next clear target would be $200. However, the scenario is not without risks. If SOL fails to hold the $183 support, it could face a correction towards $175. A deeper drop could even take the price down to $163, invalidating the current bullish setup.
Solana is at a technical decision point. The confluence of positive on-chain metrics and bullish technical signals offers an optimistic outlook. Investors await confirmation of the MACD crossover. The price behavior at the $183 and $192 levels will determine the short-term trajectory of the digital asset.
