Foreign media reports that despite SOL's recent weak price performance, Solana's on-chain transaction activity is still recovering, indicating that its ecosystem's demand for use has not weakened in tandem with the price decline. The article argues that this divergence between on-chain data and price performance suggests that the market is still observing whether fundamentals can reignite buying interest.
On-chain transactions continue to rise
The article mentions that Solana's transaction volume has remained at a high level over the past few months, with recent signs of further recovery. This indicates that users continue to engage with the public chain, with related activities covering scenarios such as trading, DeFi, and payments.
From this perspective, the Solana ecosystem has not cooled down significantly due to the price adjustment. Foreign media believe that this kind of underlying activity usually does not immediately reflect in the price of the coin, but it often becomes an important reference when the market is looking for signs of recovery.
Social media buzz has cooled down.
Unlike the rebound in on-chain activity, community engagement and creator activity surrounding SOL are gradually declining. The article argues that this reflects a decrease in retail investor attention compared to previous cyclical highs, and a decline in short-term sentiment-driven momentum.
Cooling social media discussions typically signify reduced market hype. For prices, this weakens short-term upward momentum and makes it more difficult for SOL to break through key resistance levels sustainably.
$68 to $70 becomes a key support level
The article states that SOL is currently fluctuating around $73 to $75, a range that has become a significant support level. The area below this, between $68 and $70, is considered a broader demand zone. A break below this level could lead to a deeper price correction.
Resistance is concentrated around $82. SOL has attempted to move upwards several times recently, but has failed to hold above this level. If it breaks through $82, the price could potentially rise further to $95; if buying pressure continues to strengthen, the higher levels could extend to around $110.
Currently, SOL is still oscillating between support and resistance. The article suggests that the market's focus going forward will be on whether on-chain activity can translate into more direct buying, and whether the $68-$70 support zone can hold.
