Solana’s price has been struggling, and its network activity is showing some serious weakness. This raises the question: is this a temporary blip, or the start of a larger trend?
Network Activity Plummets
Recent crypto market volatility and Solana’s (SOL) falling price have hurt the Solana network’s adoption. Analyst Ali Martinez reported a massive drop in activity – a decrease of over 60%! This means the number of active SOL addresses has fallen from a high of 18.5 million to around 7.3 million. This kind of drop usually puts downward pressure on the price.
Whales Are Selling
Adding to the trouble, large SOL holders (“whales”) have been selling off big chunks of their holdings. Around 135 wallets holding over 10,000 SOL each have sold in the last month. While this could be profit-taking or repositioning, it’s definitely adding to the selling pressure and making it harder for the price to rise.
Hope for the Bulls?
Despite the gloomy picture, some analysts remain optimistic. Trader Captain Faibik points to potential positive signs on the monthly chart. He believes that once Solana breaks through a key resistance level, a bull run could start, potentially pushing the price to $1000. So, while things look tough right now, there’s still a chance for a comeback.
