Solana price prediction trends are turning bullish as SOL continues to consolidate despite weakening on-chain activity. Recent data from Santiment shows that weekly active addresses on the Solana network have dropped sharply, but rising social sentiment suggests traders are expecting a strong recovery soon.
There has been a decline in the number of active addresses from 5.01 million during the first week of February to 2.89 million for the current period. However, despite this reduction, Solana is still among the leading crypto assets based on market capitalization.
The decrease in active wallets signals less user engagement at the moment. The reduced number of transactions implies a decreased need to use the blockchain, which might lead to slower price appreciation.
However, the mood on major social media is taking a different turn. Presently, there are roughly three positive statements for each negative one on social media like X, Reddit, and Telegram. The increasing optimism indicates that traders see that Solana is preparing itself to recover.
Source: Santiment Intelligence
From the market narrative, it seems like SOL could be lagging behind BTC and other assets, but it might eventually catch up. Nonetheless, this narrative is primarily based on the ability of the network to become relevant again.
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Solana Price Prediction Signals Possible 30% Move
On the other hand, from a technical standpoint, it appears that Solana continues to trade within a tight range of around 10% for nearly three months now. Such a prolonged period of low volatility is rare but usually precedes a significant movement in price.
Experts believe that once this period of consolidation ends, Solana might be ready for a significant movement, likely between 20% and 30%.
What comes next is not known yet. If the price goes above the resistance, then the buying pressure might increase, while falling below the support level may mean that the selling will become aggressive.
Source: X
Solana Price Structure Shows Consolidation After Breakdown
If one takes a broader perspective of the chart, then one will observe that Solana has transitioned from a very solid upward trend to its corrective phase.
At its top during its last rally, Solana had touched a level between $240-$260, after which it started to make lower highs, signaling that there was no more bullish momentum left.
Following this fall, the SOL price stabilized around the $75-$80 mark, which currently acts as a major support level. Following this, the price has been trading within the range of $80-$100, indicating consolidation.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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