Solana saw its price tumble 4.66% over the last 24 hours, now holding ground at $159.74. This price action followed a $400 million liquidation cascade, which was triggered by large Bitcoin sell-offs. While leveraged ETF approvals were expected to bring institutional inflows, they also raised near-term volatility concerns that unsettled altcoin traders.
As SOL navigates a decisive resistance zone, technical and on-chain signals indicate conflicting cues about what’s next. Join me as I derive the possible Solana price prediction for the short term.
Active Addresses Paint a Bullish Backdrop
While the price went south, Solana’s daily active addresses have been on a strong uptrend, currently standing at ~16.93 million. As the chart shows, user activity on the Solana network rebounded sharply after July 5 and has consistently climbed ever since.
This growing on-chain numbers indicates rising adoption and usage, which often comes before price recoveries. It highlights that the recent correction may be liquidity-driven rather than fundamentally bearish, offering bulls a reason to stay optimistic.
Solana Price Analysis:
On the 4-hour chart, SOL faces immediate resistance at the $165–$168 range. It is a zone that coincides with the 24-hour high of $168.34 and the upper Bollinger Band. SOL’s price action shows multiple rejections from this level, making it a critical barrier for bulls to reclaim.
It is worth noting that a successful breakout above $168 could trigger the Solana price to rally toward $179.77. However, if SOL fails to sustain support above $158, it could slide further to test the $152.5 zone, which is a key psychological and technical support.
FAQs
SOL price fell due to broader market liquidations driven by Bitcoin whale activity, amplified by ETF-related volatility concerns.
Active addresses have climbed to 16.93M, suggesting healthy network usage and potential for price recovery.
The key breakout point for SOL price is $168, failure to reclaim it could result in a drop toward the $152.5 support.
