Solana [SOL] recently set a new record with over 5.4 million daily active addresses, sparking conversations about a potential price rally for the native token.

This surge in network activity has raised questions about whether the on-chain growth and technical factors could signal bullish momentum for SOL.

Solana's market cap stood at $61 billion, making it the fifth-largest cryptocurrency by market capitalization, and the token's trading volume has seen significant fluctuations.

Despite some short-term bearish sentiment, the overall strength of Solana's network and the massive rise in active users highlight its growing prominence in the blockchain space.

From a technical standpoint, Solana faced resistance at $140, which could act as a crucial price level for bulls to break if a rally is to occur, while the $125 support level has consistently provided a safety net for the token.

Source: https://ambcrypto.com/solana-hits-record-daily-active-addresses-bullish-for-sol/

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