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

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.

Solana (SOL) price action has been on a downtrend for the past 5 weeks. However, some key metrics on the Solana blockchain have seen a continuous rise in the past 2 weeks.

The number of active wallets on the Solana blockchain has risen to over 919,000 in the past 7 days, according to data from Solscan. 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 SOL 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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