Solana’s blockchain is buzzing with activity, but its price action is at a crossroads. Over the past 24 hours, the Solana network processed more than 64,5 million transactions and saw 3,07 million returning users, according to DefiLlama. This surge in on-chain engagement highlights growing confidence and utility within the Solana ecosystem, even as the broader crypto market remains uncertain.
Despite this impressive network momentum, Solana’s price has struggled to reflect the same optimism. SOL continues to trade below the key $180 resistance level, with spot trading volumes showing little sign of a bullish breakout. Analysts point to a disconnect between user activity and investor conviction, as the recent uptick in transactions has yet to translate into sustained price gains.
Spot Volume and Technical Patterns Signal Caution
While Solana’s fundamentals are strong, technical indicators suggest the market is waiting for confirmation before turning decisively bullish. The daily chart is close to forming an inverted head and shoulders pattern—a classic reversal signal—but a breakout above $180 is needed to validate this setup. Until then, the price is likely to remain range-bound, with $180 acting as the dividing line between bullish and bearish sentiment.
If SOL fails to breach this resistance, analysts warn that the price could retrace significantly, potentially falling as low as $106. This would cast doubt on whether the recent network growth is a sign of lasting adoption or just a temporary spike.
What’s Next for Solana?
For now, all eyes are on the $180 level. A decisive move above this threshold could trigger a broader rally, confirming a shift in market structure and potentially setting the stage for long-term gains. Until that happens, traders and investors are likely to remain cautious, watching for signs that Solana’s on-chain strength will finally be matched by its price action.
