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.
Data from Solscan 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.
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.
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.
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.
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