Solana Network Activity Hits Record High Despite SOL Price Drop
- Record Network Activity: According to Messari's report, Solana's network activity reached an all-time high in Q1 2025, even as SOL's price fell by 33% during the same period, highlighting a significant divergence between on-chain usage and token price performance.
- Growth in Decentralized Apps: The quarter saw continued growth from decentralized applications, with the memecoin launchpad Pump.fun accounting for over a third of Solana's Q1 revenue, although the memecoin frenzy began to cool towards the end of the period.
- Mixed Market Signals: The surge in network activity paired with a steep price decline creates mixed signals, indicating that while developers and users are building on Solana, market participants did not price in the growth in usage.
- Rising Institutional Interest: Concurrently, institutional interest in Solana is increasing, with major corporations disclosing crypto holdings and regulators examining tokenized asset frameworks, suggesting that network fundamentals may carry more long-term weight than short-term price fluctuations.
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Technical Analysis for SOL
Technical Sentiment Analysis for Solana (SOL). As of , Solana (SOL) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 2 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for SOL stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, SOL is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Solana (SOL) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 75.381 | 78.44 | 81.881 | 84.94 | 88.381 | 91.44 | 94.881 |
| Fibonacci | 78.44 | 80.923 | 82.457 | 84.94 | 87.423 | 88.957 | 91.44 |
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