$SOL Drops 9% But Looks to Leverage On-Chain Activity Surge for Rally to $186 - The Crypto Basic Analytics

Solana (SOL) saw a 9% decline over the past two days after hitting a seven-week high of $161.80 on Sept. 29, amid a broader crypto market downturn. However, strong on-chain activity and positive sentiment could push Solana toward its next resistance at $186.

Despite the dip, Solana's DeFi ecosystem is booming. Marinade Finance saw a 65.9% volume increase to $209.91 million, while Pump.fun surged by 93.06% to $197.42 million. Other projects like Jito and Jupiter Exchange also experienced steady growth. However, Helio and Sharky faced volume declines of 22.89% and 27.47%, respectively.

Solana's price is consolidating around $146.03, with support at $144.76 and additional levels at $128.80 and $118.94. Resistance stands at $160.72, with higher targets at $170.58 and $186.54. The market remains in a consolidation phase, with no clear trend direction.