Solana’s price continues its lackluster performance in recent months, a trend that is confirmed by the network’s underlying metrics. At the time of reporting, SOL was trading around 79.50 dollars, remaining locked in the 76 to 90 dollar range seen since the start of 2026.
Network participation wanes
Solana is widely recognized for its high transaction capacity, setting it apart from rival blockchains. However, the latest figures show that activity on the network has noticeably slowed. The number of network participants, which stood near 3 million at the start of 2025, has now dropped below 1.9 million, pointing to a tangible decline in real usage on the platform.
A similar slowdown has affected activity in decentralized exchanges built on Solana. Daily transaction volumes, which once reached billions of dollars earlier in 2025, have largely evaporated. The available data suggests there has not yet been a meaningful recovery from this downward trend.
Mini glossary: Open interest refers to the total value of unsettled positions in futures markets. A drop in open interest suggests investors are closing positions and appetite for leveraged trading is waning. The funding rate is an indicator that reflects the balance between long and short positions in perpetual futures markets.
Futures market interest declines, technical barriers surface
Open interest in Solana futures has slipped from its recent high near 3 billion dollars to approximately 2.1 billion dollars, indicating that market participants are scaling back risk and reducing their exposure. Despite this, funding rates remain positive, signaling that some investors still expect upward momentum for SOL.
Analyst Man of Bitcoin noted that SOL’s price on the four hour chart is caught between descending and ascending trend lines, signaling a potential breakout is imminent. According to the analyst, the 68.02 dollar level is crucial for keeping the current bullish setup intact.
According to this analysis, if SOL breaks out upward, the first major resistance appears at 98 dollars. Should this level be surpassed, subsequent targets are seen at 110.54, 120.47, and 126.95 dollars. On the downside, a fall below 68.02 dollars could undermine the current technical outlook.
Monthly chart reveals unusual sequence
Market watcher Crypto Patel highlighted that, for the first time in Solana’s history, the asset has produced eight consecutive red monthly candles. Patel argues that this pattern has never been observed before and draws some parallels to price behavior seen during the 2021 bear market.
Crypto Patel reported that, for the first time ever, Solana has witnessed 8 straight bearish monthly candles, with the ninth one currently developing. According to him, he is watching the 80 to 50 dollar range as a potential accumulation zone.
In Patel’s assessment, during the 2021 cycle, SOL plunged from 260 dollars to 8 dollars for a total of nine monthly declines, although this series was not uninterrupted. He recalls that the final candle in that sequence indicated a bottom, after which SOL surged to almost 295 dollars within two years.
Shorter term data from Coinglass reveals a dense build-up of short positions between 83 and 87 dollars. If SOL rises into this band, forced closures could fuel swift price moves. The report highlights 76 dollars as a key near-term support, while the 83 to 87 dollar zone could act as a trigger point for the next swing.
