Solana (SOL) continues to demonstrate active movements in the market, currently undergoing a corrective phase. The ongoing 'B' wave is forming in a nervous price environment.
Key Resistance Levels in Solana's Price Movement
Solana has initiated wave 'B' within a corrective structure, showing three clear upward waves from a recent intraday low. The 1-hour chart analysis highlights a critical resistance zone between $150.81 and $157.07, based on Fibonacci retracement levels. This price zone could serve as an essential decision point for the next market move.
On-Chain Activity Stability Amid Price Volatility
Despite recent price fluctuations, active addresses on Solana remain high, varying between 4 million and 6 million users over the past few months. This indicates that the network continues to attract users, even as tokens trade at lower price levels.
Technical Indicators in a Critical Moment
Solana is probing significant levels within the Fibonacci area. Traders will closely observe how Solana reacts to this zone. Support above $146 is crucial for market structure, while a confirmed break above $157 could lead to a potential continuation of the upward trend.
Thus, the current situation in the Solana market indicates stability in on-chain activity despite price volatility. Resistance and support levels will be a focus for traders concerning future movements.
