Over the past few weeks, Solana's price has fluctuated around $148, remaining below the key resistance at $154. Despite this, user activity on the platform remains stable.
Technical Analysis of Solana
Solana (SOL) continues to trade below the resistance level of $154, suggesting limited bullish momentum. The current price structure based on the 30-minute chart indicates a potential ABC corrective pattern, with price appearing in wave C, pointing to a continuation of the short-term downtrend. Fibonacci levels around $141–$137 act as crucial support zones, with further downside possible if breached.
Current Market Condition
The broader market structure remains unclear and does not provide a high-probability setup for traders. Should SOL rally from the current range, this could delay a clear breakout, keeping price action within a sideways zone until the $154 level breaks decisively. Without a strong technical catalyst, price movement may remain muted, and a failure to hold nearby support zones may signal further downside pressure.
User Activity on Solana
On-chain data shows stable daily active address counts over the past several weeks. While user activity remained relatively strong from May into June, Solana's price gradually declined during this period. This divergence indicates a decoupling between network usage and market valuation. Despite price fluctuations, the number of unique active addresses has not decreased significantly, indicating consistent engagement on the Solana blockchain.
In conclusion, although Solana's price faces challenges and is under pressure, stable user activity may provide a fundamental support for the network.
