Solana breaks 75M monthly active addresses. Will SOL overcome $132 resistance or face more downside?
- Solana’s active addresses hit a record-breaking 75.2 million, highlighting growing adoption and interest. SOL faced resistance at $132 with bearish momentum, as liquidation data reflected ongoing market volatility.
Solana [SOL] has reached a new milestone with 75.2 million monthly active addresses, setting an all-time high (ATH). This surge marked a substantial increase in user activity and adoption, showcasing the network’s growing popularity.
Source: X
The recent spike in activity highlighted how Solana is attracting more developers, users, and decentralized applications (dApps).
As the network continues to expand, the potential for further growth in adoption is evident, especially with the launch of new features and updates in the coming months.
Exponential growth in user activity
The increase in active addresses has been exponential since mid-2023, with the number of users skyrocketing over the past several months.
This surge in user activity dwarfs previous peaks, highlighting the remarkable growth in Solana’s ecosystem.
The network has established itself as one of the most scalable platforms in the decentralized finance (DeFi) and non-fungible token (NFT) sectors.
Solana’s user growth is a testament to its ability to handle large transaction volumes efficiently, which is a key factor in its adoption.
With the upcoming developments, this trend may continue as Solana looks to further solidify its position as a leader in the blockchain space.
Solana price outlook
The price of Solana has faced resistance around $132.47, with the Bollinger Bands narrowing, suggesting a possible breakout in either direction.
Solana’s RSI sat at 42.07, showing weak momentum and hovering near oversold territory. This level indicated that bearish pressure may persist, but the price could see a reversal if buyers step in.
Source: TradingView
Additionally, the MACD formed a bearish crossover, confirming increasing selling momentum. If the bearish sentiment continues, Solana could test the lower Bollinger Band at $124.88.
A break below this could push the price to the $120 support zone, while a reversal above $132.47 could lead to a test of the $140 resistance level.
On the 18th of September, Solana saw $121.31K in short liquidations and $3.19M in long liquidations, indicating a more substantial impact on long positions.
Binance experienced the highest long liquidations, with $2.02M, while $118.95K was liquidated for shorts. This data reflected heightened volatility in Solana’s market, contributing to fluctuations in the price.
Source: Coinglass
Solana’s price at the time of liquidation was $129.39, showing the impact of leveraged trades in the current market. Traders should remain cautious as liquidation data signals ongoing volatility across exchanges.
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