Solana price lost the recent momentum and slipped to the lowest level since January 2nd despite having some of the best on-chain metrics.
Summary
- Solana price has pulled back in the past few days, reaching its lowest level since January 2.
- The network’s transaction growth and fees have accelerated in the past few days.
- Technical analysis suggests that the SOL price may rebound soon.
Solana (SOL) token dropped to a low of $127, down by 15% from its highest level in January this year. It has also plunged by 50% from its highest point in 2025.
Data compiled by Nansen shows that Solana’s network is firing on all cylinders, making it one of the best-performing players in the industry.
The network handled over 2 billion transactions in the last 30 days, much higher than other popular layer-1 and layer-2 networks combined. For example, Ethereum and BSC Network handled over 63 million and 438 million, respectively.
Solana’s number of users continued rising in the last 30 days. Active users jumped by 34% to 81.2 million in the same period. Additionally, the network fees rose by 42% to over $20 million.
This growth happened as the decentralized exchange volume and stablecoin volume remained steady. Solana’s DEX protocols handled over $107 billion in volume, higher than Ethereum, Base, and BSC, combined.
Also, Solana’s stablecoin transaction volume jumped to over $312 billion as the transaction count soared to over 260 million. There are over 4.5 million stablecoin addresses in Solana’s ecosystem.
Solana’s growth will likely continue growing in the coming years as developers work on the much-anticipated Alpenglow upgrade, which will boost its performance significantly.
Solana price technical analysis
The daily timeframe chart shows that the SOL price has retreated in the past few days, moving from the year-to-date high of $148 to the current $126.
A closer look shows that Solana has formed a bullish chart pattern, pointing to an eventual rebound. It formed an inverted head-and-shoulders pattern and is now at the right shoulder.
The token has also formed a cup-and-handle pattern, and is now at the right shoulder section.
Therefore, the most likely scenario is where it rebounds in the coming weeks, potentially to the year-to-date high of $148. A move above that level will point to more gains, potentially to the psychological level at $200.
However, a drop below the key support level at $118 will invalidate the bullish outlook and point to more downside in the near term.