The Solana network is experiencing a surge in user activity, recording over 64.5 million transactions and 3.07 million returning users in the past 24 hours, according to DefiLlama. This spike indicates a growing engagement within its ecosystem, even amid broader market uncertainties. However, this increase in network activity has yet to translate into significant price appreciation, with Solana's spot trading volume remaining stagnant. Data from CryptoQuant displays cooling signals, suggesting a disconnect between heightened user activity and investor confidence. Analysts believe that in order for Solana (SOL) to see bullish momentum, it must break through the key resistance level at $180. As of now, SOL has been consolidating below this resistance. Its daily chart hints at an impending inverted head and shoulder pattern, which could signal a potential price reversal. Should SOL fail to surpass $180, a decline to $106 may be on the horizon, reinforcing bearish sentiment in the market. A definitive breakout above the resistance could invalidate this bearish outlook and set the stage for a long-term rally. For traders, the $180 mark serves as a crucial threshold that will determine whether bulls or bears will dominate the market. Tracking SOL’s next moves is essential, as current network growth could be viewed as temporary without a corresponding price shift.
Solana Faces Critical $180 Resistance: Implications for Traders
Solana's price struggles at the $180 resistance level, despite increased network activity. A breakout above this threshold is essential for bullish trends.
Jamie Bennett
Crypto Analyst
5 min read
12,012
Analysis
Market Sentiment
Bearish
Neutral
Bullish
News Impact
8/10
Credibility: 9/10
Trading Recommendation
SOL
SOL
SELL
Entry Price
$0
Confidence
750%
Stop Loss
$106
Take Profit
$180 - $0
While the network activity is increasing, Solana is currently consolidating below the key resistance of $180. A breakout is needed for bullish action.
