$SOL #Solana will reach New Milestone

According to a recent report by Solana Floor, the number of monthly active addresses on the Solana network has reached a new all-time high, surpassing 100 million. This shows that activity on the blockchain has increased in the past month thanks to the influx of memecoin projects.

However, the case is not the same for the Solana coin which is currently trading between the 50-SMA ($137.43) and 200-SMA ($146.70). Solana (SOL) has been trading below the $200 mark for more than one month, while other tokens are rising to new highs.

Presently, most of its technical indicators are bearish. The VWMA (10), for instance, is showing a sell signal. The 14-day RSI is also below the 50 level, a sign bears are in control. Still, Coincodex forecasts the Solana price could soar to $162.49 in the coming weeks.