Solana Price Drops to Critical Support Level Amid Strong Network Growth
- Downward Price Trend: The Solana (SOL) token has dropped for four consecutive weeks, currently trading at $93, which is nearly 70% lower than its January 2025 high, marking the lowest level since February 2024 and indicating market concerns about its future.
- Increased ETF Inflows: Despite the price decline, Solana ETFs have attracted $6.8 million in cumulative inflows this month, with $1.24 million added on Tuesday and $5.58 million on Monday, reflecting ongoing investor interest in its potential value despite a challenging market environment.
- Significant Network Growth: Solana's network has seen a 43% increase in transaction volume over the past 30 days, surpassing 2.48 billion transactions, with active addresses rising to over 105 million, demonstrating its rapid growth in the cryptocurrency sector, far exceeding the combined active addresses of Ethereum and BNB Chain.
- Stablecoin Transactions Driving Growth: Solana recorded over $491 billion in stablecoin transaction volume in the last 30 days, with 305 million stablecoin transactions, highlighting its strong performance in the stablecoin market and further driving network usage and growth.
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Technical Analysis for SOL
Technical Sentiment Analysis for Solana (SOL) As of , Solana (SOL) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for SOL stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, SOL is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Solana (SOL) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 17.685 | 42.593 | 69.305 | 94.213 | 120.925 | 145.833 | 172.545 |
| Fibonacci | 42.593 | 62.312 | 74.494 | 94.213 | 113.932 | 126.114 | 145.833 |
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