Solana (SOL) has faced significant price fluctuations recently, reflecting the broader volatility in the crypto market. Below, we analyze the latest trends, key technical indicators, and potential price movements for SOL, offering insights for traders and investors.
Price Decline in the Past Week
Solana's price has dropped by 1.73% in the past 24 hours, with a trading volume of $2.78 billion.
Over the past week, SOL has plunged by 11.86%, indicating a growing bearish sentiment.
Resistance and Support Levels
Solana, currently priced at $139.27, has struggled to break past the $155 resistance level since August.
This level has acted as a psychological barrier, signaling strong selling pressure.
If the market turns bullish, SOL could potentially retest this resistance and aim for the $181 mark.
On the downside, continued bearish dominance could push the price towards its critical support at $127.
Decline in Blockchain Activity
Data from The Block reveals a decrease in Solana’s address activity during September, both in terms of active and new addresses.
Although activity levels remain higher than the 2024 average, the drop hints at waning demand.
Open Interest Reflects Market Sentiment
Open Interest (OI) in Solana, which tracks the number of active contracts in the options market, dropped by 20% between September 30 and October 4, as per Coinglass data.
This decline suggests reduced participation and interest from traders in recent days.
Key Technical Indicators
Technical analysis across different time frames shows mixed signals for Solana’s price direction.
With key resistance and support levels in play, the coming days could be crucial for SOL’s next move.
Want to know where Solana is heading next?
Read our detailed Solana price prediction for more insights on future price movements and potential market trends.