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Highlights
- A bullish breakout from the triangle pattern is needed to trigger a directional rally in the SOL price.
- The flattish trend of 20-and-50-day EMAs accentuates the near-term trend sideways for this token.
- The 24-hour trading volume on the Solana coin is $2.57 Billion, indicating a 6.04% loss.
Solana Price Prediction: On June 12th, the Solana coin witnessed a notable jump of 7% to reach the trading value of $160. This uptick followed the broader market recovery as crypto investors reacted positively to the U.S. CPI Data. The United States reported that May’s unadjusted Consumer Price Index (CPI) annual rate stood at 3.3%. A less hawkish monetary policy generally supports riskier assets, including cryptocurrencies, by maintaining more favorable liquidity conditions.
Also Read: Can Bitcoin Price Reach $70,000 This Week As Ethereum, Solana Scream Buy?
New Addresses on Solana Network Hit 1.03 Million
Over the past three months, the Solana coin price has been trading sideways evidenced by the lower high and higher low formations in the daily chart. These prices connected by two converging trendlines indicate the formation of a symmetrical triangle pattern.
In theory, the sideways action led by this pattern is temporary as it allows buyers to recuperate the exhausted bullish momentum for a higher rally.
Amid the stable price movement of Solana (SOL), there’s been a significant increase in its on-chain metrics, as reported by The Block. The number of new addresses on the Solana network has risen from 769,970 on May 2nd to 1.03 million today, an approximate 33.8% increase.
Also Read: Solana Plummets to Double-Digit Weekly Losses: Possible Short-term Reversal?
This growth indicates rising interest and adoption of Solana, potentially signaling stronger foundational support and future price potential.
With the crypto market reacting positively to the lower-than-expected CPI data, the SOL price rebounded from the triangle’s support. As per the pattern’s history, a potential reversal from the lower support should uplift the asset by 12% to trade at $178 to hit the overhead trendline.
Until the two trendlines are intact, the sideways action in SOL price will continue.
However, with the growing network activity and broader market trend bullish, the Solana coin holds a higher potential to break overhead resistance. If buyers flip the overhead resistance into support, the Solana price prediction target could extend to $210, followed by $310.
Technical Indicator
- EMAs: The SOL price back above the 100-day Exponential Moving Average hints the broader trend stays positive from investors.
- Vortex Indicator: A negative crossover state between the VI+ (Blue) and VI- (orange) slope indicates the sellers are active towards this asset which prolong leads to prolong consolidation.
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