- $SOL remains below key resistance at $154, suggesting limited bullish momentum amid a likely ABC corrective wave.
- Fibonacci levels around $141–$137 act as crucial support zones, with further downside possible if breached.
- Daily active addresses stay steady, highlighting strong user engagement despite recent price weakness.
Solana (SOL) continues to trade below a key resistance level at $154. The current price structure, based on the 30-minute chart, suggests a possible ABC corrective pattern. The price appears to be in wave C, indicating a continuation of the short-term downtrend.
Several Fibonacci retracement levels offer potential support. These include $141.26 (61.8%), $138.97 (70.5%), and $137.09 (78.6%). At the time of writing, Solana trades near $148.17. If the price breaks below these levels, it may indicate a deeper correction ahead. On the other hand, a clear move above $154 could signal renewed bullish momentum and a shift in short-term sentiment.
Market Consolidation Likely as Technical Structure Remains Unclear
The broader market structure remains unclear and does not provide a high-probability setup for traders. If SOL rallies from the current range, the yellow wave (B) may extend further. This would keep the price action within a sideways zone and delay any clear breakout.
Until the $154 level breaks decisively, traders may continue to see range-bound price behavior. Without a strong technical catalyst, price movement may remain muted. A failure to hold the nearby support zones could signal further downside pressure in the short term.
User Activity Stable Despite Price Weakness
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 signals a decoupling between network usage and market valuation.
Despite fluctuations in price, the number of unique active addresses has not decreased significantly. This indicates consistent engagement on the Solana blockchain, even as the token struggles to regain previous highs. The steady user base could provide fundamental support, but market sentiment remains mixed.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their research before making financial decisions.
