Solana’s On-Chain Activity Wanes: What’s Next For SOL?

CoinMarketCap05-04

Solana is facing a downturn in on-chain activity, with a noticeable decline in new and active addresses. Despite a rebound to $138 with an 11% surge in the last 24 hours, the sustainability of Solana’...

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Despite a rebound to $138 with an 11% surge in the last 24 hours, the sustainability o","collect":0,"end_time":0,"defaultTopTitle":"coinmarketcap.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4519":"光伏太阳能","BK4129":"建筑与工程","SOL":"EMEREN GROUP"},"translate_title":"索拉纳的链上活动减弱：索尔的下一步是什么？","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SOL":1},"content_text":"Solana is facing a downturn in on-chain activity, with a noticeable decline in new and active addresses.\nDespite a rebound to $138 with an 11% surge in the last 24 hours, the sustainability of Solana’s price recovery is in question.\nWhile bulls aim to push Solana above the 200-day EMA at $150, the potential for increased selling pressure at lower support levels could drive prices down.\n\nThe Solana network is currently grappling with a decline in its on-chain activity, highlighted by diminishing trading interest. Following a market downturn that corrected SOL’s price to critical support levels, the value did rebound. However, persistently low on-chain metrics are causing investor anxiety about the durability of this recovery.\nDecrease in Solana Network Engagement\n\n\nOver the last 24 hours, SOL’s price saw a marked increase, leading to a significant amount of liquidations. According to Coinglass, there was a total of $13.2 million in SOL liquidations, with $9.5 million stemming from short positions being covered.\nFurthermore, The Block’s data dashboard indicates a notable 14.7% reduction in new addresses over the past 15 days—from a high of 915,000 to 780,000. Such a downturn in new and active addresses, which have dropped from 1.21 million to 1.1 million, suggests waning user engagement and transaction activity, potentially diminishing investor confidence and lowering demand for SOL.\nAnalysts are skeptical about the continuation of the current recovery in SOL’s price as it nears resistance channels without adequate buying pressure, hinting at a possible reversal for Solana.\nThe current market scenario reveals that while the bears have not been able to stop a recent rebound at the $120 mark—indicating continued bullish control—the upcoming resistance near the 200-day EMA at $150 is expected to be a contentious zone where sellers may robustly counter any further advances.\nWhat Lies Ahead for SOL?\nAs it stands, SOL trades at $138 after an 11% increase in the past day. If the bulls can successfully propel the price above the $150 mark, it could surprise the bears and possibly trigger a short squeeze.\nHowever, if Solana fails to maintain support around the $116-$120 range, the selling pressure could intensify, possibly pushing the SOL/USDT pair down towards $100, which would further delay the onset of a new bullish trend. For bulls to reclaim momentum, a swift move above the $150 level, targeting the 50-day SMA at $166, is crucial.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2432132320"}