Solana (SOL) is back in the spotlight, trading above $154 this Wednesday. Over the past six months, the SOL token has been moving within a range, with a high of $210.18 in March and a low of $110 in August.

Now, it’s showing strong signs of a continued upward trend. Investors are watching closely for Solana's next move, and many are interested in the SOL price prediction. Here's a breakdown of the key points driving Solana’s price action.

Strong On-Chain Metrics Fueling Growth

• Solana's recent price surge is driven by its rising on-chain activity.
• The number of meme coin holders on the Solana blockchain has increased significantly.
• A 7% rise in SOL chain holders over the past 30 days highlights growing demand for the token.

Range-Bound Trading with Key Support Levels

• SOL has traded within a range for the last six months.
• Key support levels are at $134.27 (September low) and $144.71 (October low).
• These levels correspond with imbalance zones on the daily price chart.
• The Relative Strength Index (RSI) indicates that SOL is not yet overbought, signaling potential for more upward movement.
• The Moving Average Convergence Divergence (MACD) also shows bullish momentum, with green histogram bars above the neutral line.

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Price Predictions: Aiming for Higher Levels

• Solana’s price could potentially rally another 12%, targeting $169.43 as a key resistance level.
• If SOL breaks through this level, it may challenge the Fair Value Gap (FVG) between $169.43 and $171.61, hinting at a longer-term uptrend.

Total Value Locked (TVL) Reaches New High