Solana (Sol) has entered the period of lateral trading after a surge to $249 on Sunday, showing signs of a temporary suspension of price action.
Interestingly, on-chain data shows that it remains the underlying buy-side activity. At the same time, the social chatter around the coin continues to climb, indicating a growing interest and interest from the community.
Sol will integrate but social buzz signal next gathering with new buyers
According to GlassNode, the number of unique addresses for the first time participating in Sol Transactions has skyrocketed by 16% over the past seven days.
Sponsored Sponsors
This increase shows a growing wave of new demand for coins, even amidst the relatively stagnant price measures over the past five trading sessions.
The rise in new addresses is a bullish indicator of the cryptocurrency market. When a more unique wallet begins to hold or trade tokens, it reflects a growing interest in the asset. If this trend continues, it could provide fundamental support for improving Sol Future Price.
Furthermore, Sol’s social domination has increased over the past week, indicating an increase in the association of coins in the cryptographic discussions during the review period. At the time of writing, this metric is 4.26%.
Social domination of assets measures the frequency of mention of them on social media platforms, forums and newslets compared to the broader market. A decline in social control suggests that assets have lost attention and involvement.
Conversely, rising with prices reflects an increase in retail and increased activity. This surge in visibility helps to strengthen the short-term price momentum of SOL.
Solana Bulls Eye $248
At press time, Sol trades for $235.21. If the underlying purchase momentum is enhanced, the coin can climb to climb and test resistance at $248.50. A breakout above this level could drive more gatherings towards $270.18.
However, if demand drops and sells continue, Sol could fall below $219.21.
