After Solana (SOL) recently hit $150, its upward momentum seems to have encountered resistance, and the market has shown some weakness. Although on-chain data provides mixed information about SOL’s future trend, overall, there is still uncertainty about whether SOL can break through the $200 mark.
SOL Price Dynamic Analysis
As of the latest data, Solana was trading back around $144, showing a pullback following the recent rally. Over the past month, although SOL experienced a strong rebound from $127 to $151, it still recorded an overall decline of approximately 6%, reflecting increased market volatility.
On-chain activity and price outlook
Looking at on-chain activity, although Solana’s monthly active addresses have hit a record high, the significant drop in daily active addresses (from 5.5 million to 3.5 million) reveals a slowdown in short-term user engagement. This trend may indicate a lack of motivation for SOL prices to rise further unless network activity can be effectively boosted.
The positive impact of the DeFi ecosystem
Despite the challenges, the decentralized finance (DeFi) space on the Solana blockchain has shown positive aspects. DeFi Total Value Locked (TVL) has crossed the $5 billion mark this month, rapidly adding more than $500 million in two weeks. This growth is mainly driven by popular protocols such as Jupiter, whose high TVL indicates strong user interest in the Solana DeFi ecosystem. As DeFi activity continues to heat up, demand for SOL tokens is expected to increase, creating positive support for the price.
Challenges and opportunities coexist
However, Solana also faces some challenges. In particular, the decline in decentralized application (DApp) transaction volume and unique activity wallets (UAW) may limit the liquidity and market demand of SOL tokens. In order to overcome these obstacles and drive SOL prices towards $200, the Solana ecosystem needs to attract more users to participate in DApp activities while increasing the overall activity and transaction frequency of the network.
If you want to delve deeper into the currency circle, but can’t find a clue?
If you want to know more about the information difference, whether it is a contract or a spot, you can read my pinned article and learn more.
