In October, the Layer-1 blockchain Solana experienced a surge in user demand, with monthly user activity reaching its highest point of the year. However, the price of Solana's native cryptocurrency, SOL, has struggled to gain momentum and remains below $190. Despite the increase in user activity, SOL has faced resistance at key levels, hindering its price growth. On-chain data shows a significant rise in the number of unique addresses transacting on the Solana Network, indicating an influx of new users. However, SOL's price has not reflected the surge in network activity, and recent price declines accompanied by increased trading volume suggest a bearish sentiment. The moving average convergence/divergence (MACD) indicator also confirms a shift in the market trend from bullish to bearish. Currently trading at around $168, SOL may face further resistance at $171.78, potentially leading to a decline in price. On the upside, a rebound in demand could push SOL towards $188.60 and its year-to-date high of $210.03.



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