Users flock to Solana: SOL aims to reclaim 119 USD

SOLUSD is hovering around 116.47 after correcting from its October highs. Meanwhile, the fundamental backdrop remains positive: the number of new addresses on the Solana network has risen by 33% since the beginning of September, significantly outpacing Ethereum and Chainlink. Discover more in our analysis for 8 October 2026.

SOLUSD forecast: key takeaways

• The number of new Solana addresses has risen by around 33% since 1 September, signalling an acceleration in the influx of users into the ecosystem
• Growth in network activity is significantly outpacing Ethereum and Chainlink, which have seen no substantial increase in new addresses over the same period
• SOLUSD forecast for 8 October 2026: 119.10

Fundamental analysis

Solana continues to strengthen its position in the cryptocurrency and DeFi ecosystem amid rapid user growth. The latest Santiment data shows that the number of new addresses on the network has increased by around 33% since the beginning of September, while the Solana price has gained approximately 20% over the same period.

This trend indicates that network activity is growing faster than the token’s price. The increase in new wallets reflects the expansion of Solana’s user base and could support demand for SOL as DeFi, payment and other on-chain services continue to develop.

Against this backdrop, Solana is significantly outperforming Ethereum. Although ETH has risen by around 11% over the period under review, the number of new addresses on its network has remained virtually unchanged. This highlights Solana’s faster rate of current user growth.

A similar pattern can be seen when comparing it with Chainlink. LINK has gained around 24% since the beginning of September, but the number of new addresses has increased by less than 2%. Solana’s current growth therefore stands out, as it is accompanied not only by rising prices but also by a substantial expansion in actual network activity.

Technical outlook

On the H4 timeframe, SOLUSD is correcting after a failed attempt to consolidate above the 121.00–123.00 area. The price dropped below the middle Bollinger Band and tested the lower boundary of the range near 115.10, after which the first signs of a recovery emerged.

MACD is below zero, and the indicator line remains below the signal line, so short-term momentum is still bearish. At the same time, the Stochastic Oscillator is turning upwards from the lower part of its range, creating conditions for a technical rebound.

To confirm a recovery, SOLUSD needs to consolidate above 117.10. In this case, the next target for buyers would be 119.10, followed by the 121.10 level. Conversely, a decline below 115.10 would confirm a continued correction and open the way towards 113.10.

SOLUSD overview

• Asset: SOLUSD
• Timeframe: H4 (Intraday)
• Trend: correction
• Key resistance levels: 117.10 and 119.10
• Key support levels: 115.10 and 113.10

Solana trading scenario for today

Trading scenario (Buy Stop)

A return above the local resistance level of 117.10 would confirm the end of the current correction and open the door for a renewed upward movement in SOLUSD.

• Current price: 116.47
• Entry level: 117.20
• Take profit: 119.10
• Stop loss: 116.25
• Risk-to-reward ratio: 1:2

The trade idea is valid until 8:00 AM on 9 October 2026 (server time, UTC+3).

Risk factors

The main risk to the bullish SOLUSD scenario remains the negative MACD momentum and buyers’ failure to push the price back above 117.10. A broader correction in the cryptocurrency market could also offset the positive impact of rising network activity. Consolidation below 115.10 would worsen the technical outlook and increase the likelihood of a decline towards 113.10.

Summary

SOLUSD is correcting after a strong rally, but the rapid expansion of Solana’s user base supports a positive medium-term backdrop. The SOLUSD forecast for today, 8 October 2026, does not rule out a recovery towards 117.10 and then 119.10.

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