- Price action aligns with wave B structure, with Fibonacci retracement levels marking a crucial decision area for future movement.
- On-chain activity remains stable between 4–6 million users, signaling consistent network engagement amid market volatility.
- Technical and on-chain indicators suggest Solana approaches a critical juncture that may define its next significant move.
Solana (SOL) appears to have started wave B within a corrective structure, with price showing three clear upward waves from the recent intraday low. Technical analysis on the 1-hour chart highlights a key resistance zone between $150.81 and $157.07, derived from Fibonacci retracement levels ranging from 38.2% to 78.6%. This price zone could act as a significant decision point for the next market move.
The ongoing upward movement aligns with typical wave B behavior in corrective Elliott Wave patterns. If the price reaches the identified resistance range, traders may look for either a rejection leading into wave C or a possible extension of the corrective rally. The $150.81 to $157.07 range remains critical. Price action within this zone may determine whether Solana continues to correct lower or initiates a broader upward move.
On-Chain Activity Remains Consistent Amid Price Volatility
After the recent fluctuations in the price of Solana, the daily active addresses have remained high. The unique addresses have constantly varied between 4 million and 6 million during the last couple of months. Such activity indicates that the network does not lose appeal to the users as tokens are traded at a cheaper price range.
The price of Solana reached a high of more than $180 in the first half of May and thus started declining to the boundary between $140 and $150. Nonetheless, the network usage can be confirmed by the constant on-chain activity level over this time. Such a discrepancy between user metrics and market price can indicate hidden stability of the Solana ecosystem.
All the Major Technical and Network Indicators are in Synchronicity in the Pivotal Moment
Solana is probing struggling levels inside the Fibonacci area. Traders and researchers will be watching how Solana reacts to this area. Support above $146 holds the righting structure. Any confirmed break of the over $157 mark would move the market back to the possibilities of a continuing pattern, beyond a normal correction.
                         Source: Artemis
The indicators at the network level, like the active number of addresses, are still providing supportive signals. Such measures, alongside the technical resistance tests, show that Solana has a way to go before it reaches its potential in the face of market formations and user activity.
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 own research before making financial decisions.
