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<p>Some important metrics on the Solana blockchain have continued to rise in the last few days, raising talks about the possibility of a price rally. Let’s look at these metrics and how SOL price action is reacting to them in the next few paragraphs.</p>
<p><a href="https://solscan.io/analytics" target="_blank" rel="noopener noreferrer nofollow">Data from Solscan</a> show that the number of active wallets on the Solana blockchain has risen to more than 919,000 in the past 7 days. New token accounts in the last 7 days have also risen to over 9 million. These rising metrics may suggest that a change in price trajectory may be on the horizon.</p>
<p>This rising metric is also following a continued rise in the SOL price action in the past 1 week. The price, which had been on a downtrend 5 weeks ago, has had the longest number of bullish days since then.</p>
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<p><strong><em>Read Also: <a href="https://captainaltcoin.com/floki-meme-coin-presents-a-buy-the-dip-opportunity-while-pepe-could-spike-28-price-outlook-and-key-levels-to-watch/" target="_blank" rel="noopener noreferrer nofollow">FLOKI Meme Coin Presents a Buy the Dip Opportunity While PEPE Could Spike 28%: Price Outlook and Key Levels to Watch</a></em></strong></p>
<p>However, the price is still below the 50-day simple moving average, which could potentially serve as resistance. Also, the price is still within a falling wedge pattern. We need to see a breakout to confirm any upward rise.</p>
<p>A breakout from the 50 SMA and the falling wedge pattern could be the start of a short-term rally if on-chain metrics remain continuously bullish.</p>
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<p>The post <a href="https://captainaltcoin.com/solanas-on-chain-activity-rises-sol-price-to-rally/" rel="noopener noreferrer nofollow">Solana’s On-Chain Activity Rises – SOL Price To Rally?</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Solana’s On-Chain Activity Rises – SOL Price To Rally?

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