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As Solana 
$165 (SOL) continues its fluctuating journey in the cryptocurrency market, it has tested critical support levels, dropping below the psychological threshold of $170 and entering a short-term downtrend. However, signs of a strong recovery emerged around the $150 mark, prompting discussions about whether this uptick signals the beginning of a new bullish trend or is merely a temporary response.
Rising Trading Volumes Amid Falling User Engagement
While Solana’s price exhibits volatility, the trading volumes on decentralized exchanges (DEX) have reached remarkable levels, fluctuating between $2 billion and $3 billion. This activity indicates ongoing engagement within the network despite the price decline. Nevertheless, the number of active addresses on the network has significantly decreased, plunging from 18.5 million in November 2024 to just 8.4 million.
This drop in active addresses suggests a waning interest among users in the Solana network, yet it appears that large investors are maintaining their positions. As selling pressure intensifies, the SOL price rebounded to the $170 level, breaking its short-term downtrend. However, overall market uncertainty persists, complicating decision-making for traders.
Can Solana’s Price Surpass $175?
Technical indicators reveal that the price remains in an uncertain territory, with the Gaussian channel signaling a continued bearish trend. Although the RSI shows signs of recovery, the SOL coin may struggle to breach the $175 resistance level in the short term.
However, a potential improvement in market sentiment could heighten buying pressure. In such a scenario, SOL might escape the downtrend and regain an upward trajectory. Investors should closely monitor volume movements during this critical period.
