SOL Price Forecast: Solana hits 85-Day Peak as Memecoins Pull 9 Million New Users in 24-hours…

Confirming this narrative, Daily New Signers chart above is from Solana-native on-chain data tracker Hellomoon. It monitors the total number of new wallets that conduct their very first transactions on a given day, serving as a proxy for measuring the number of new users joining the network.

According to the HelloMoon charts, Solana blockchain network attracted 8.81 million daily first singers on On Oct 22, setting an all-time record for the number of new users transacting within a day.  Notably this is also a staggering 900% higher than the 1 million daily signers recorded during the previous market top back in March 2024.

Hence, this indicates that while rest of the crypto market wobbled under intense downward volatility,  a large number of crypto traders switched focus to the Solana memecoin markets to seek profitable opportunities. This partly explains why Solana price had continued on an uptrend this week, while the broader crypto market retraced.

However, given the highly media-sensitive nature of memecoins it remains to be seen if crypto traders will sustain the rave as the rest of the crypto market enters a recovery phase.

Solana Price Forecast: Multiple Hurdles Ahead Before $200 Breakout

Solana (SOL) has been one of the standout performers in the crypto market this week, driven by a surge in activity within the memecoin sector and record-breaking new wallet signers.

However, SOL price may be approaching exhaustion point, with a potential correction phase toward $160 level looming before it attempts to break through the crucial $200 level.