Solana: On-chain activity rises, but SOL isn’t done falling – Here’s why

Solana [SOL] has sunk towards the $100 help zone after failing to breach the $150 provide zone.

The bulls had been making an attempt to climb previous this resistance since mid-November, however the latest market-wide promoting despatched the altcoin decrease.

Supply: SOL/USDT on TradingView

SOL has a bearish bias on the weekly chart. After the robust efficiency towards the tip of 2024, it noticed a bearish construction break in April 2025.

The rejection in September 2025 on the 78.6% retracement stage at $252.9 proved that the construction break in April was not a liquidity sweep however a real development shift.

On the time of writing, it appeared extremely seemingly that SOL would fall under the $95 swing low from April 2025.

The bullish arguments for Solana

Lately, AMBCrypto explored the potential of a Solana rally towards $300. This was deemed unlikely till the bulls reclaimed the important thing provide zone at $150.

One other report highlighted that prediction websites resembling Kalshi have been pessimistic about SOL rallying towards bold targets resembling $450.

For these with an extended funding horizon, the $1,000 worth goal was completely possible. VanEck modeled a bullish situation that offered a worth goal of $3,200 for SOL by 2029.

Information that the community skilled elevated on-chain exercise was additionally welcome. It’s attainable this might make SOL extra enticing as an funding, as hypothesis is transformed into tangible financial worth.

Merchants’ name to motion – Promote the bounce

Supply: SOL/USDT on TradingView

The 1-day chart noticed a bearish swing construction shift, marked in orange. The $120 and $140 ranges have been native provide zones. Swing merchants can look ahead to a bounce towards $120 to go quick.

The RSI was in oversold territory with a studying of twenty-two. The excessive promoting quantity in latest days took the OBV to new multi-month lows.

The $64 and $47.9 have been the following long-term help ranges. Within the coming weeks, $95 and $78 can even see a short lived bullish response. A Bitcoin [BTC] drop under $74k would make this bearish situation extra seemingly.

Last Ideas

• The weekly Solana chart confirmed a bearish construction in place, and a transfer to $95 was imminent.
• Swing merchants can use a bounce towards $120 to go quick, concentrating on $78 and $64, particularly if Bitcoin falls under and stays under $74k.

Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different varieties of recommendation and is solely the author’s opinion.