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Solana’s Price Faces Resistance at $185 as It Eyes $200
The price of Solana (SOL) encountered a significant challenge in its attempt to reach $200, stalling after hitting strong resistance at $185 last week. As of Sunday, May 25, Solana was trading at $173.62, marking a 7.25% drop from its highest level earlier this month. However, the cryptocurrency remains up by an impressive 82% from its lowest point this year.
Solana Ecosystem Growth and Market Performance
Recent data highlights the robust growth within the Solana network and its broader ecosystem. The market capitalization of meme coins operating on Solana’s blockchain has surged to $14 billion, a significant increase from last month’s low of $6 billion. This growth underscores rising investor interest and participation in the ecosystem.
Additionally, Solana has seen a consistent increase in both transactions and active addresses. Over the past seven days, the network processed 462.5 million transactions, reflecting a 7.3% rise. This transaction volume surpasses that of larger blockchain networks combined. For comparison, BNB Chain recorded 80 million transactions, while Base, Tron, and Near Protocol processed 64 million, 62 million, and 42 million transactions, respectively.
Active Addresses: Solana Leads the Pack
Solana continues to dominate in terms of active addresses. Recent statistics reveal that its active addresses have grown to over 34.7 million. In contrast, Base has 9.2 million active addresses, BNB Chain has 7.8 million, and Ethereum trails with just over 2.1 million. This leadership further cements Solana’s position as one of the most utilized blockchain networks globally.
Solana’s Role in Decentralized Exchange Activity
Beyond transactions and active addresses, Solana is also a major player in the decentralized exchange (DEX) sector. Over the past week, the network facilitated $22.7 billion worth of transactions, and in the last 30 days, it handled an impressive $97 billion in DEX activity. This level of performance highlights Solana’s efficiency and appeal to users engaging in decentralized finance (DeFi).
Technical Analysis: Solana Price Outlook
The daily price chart for Solana (SOL) reveals key patterns that could shape its future trajectory. Following a bottom at $95.40 in April due to concerns over meme coins, the price rebounded sharply, reaching a high of $185 as the broader altcoin market rallied.
However, Solana has formed a small double-top pattern at $184.53, with a neckline at $159.45. A double-top pattern is often viewed as a bearish reversal signal, suggesting potential challenges ahead for upward momentum.
Golden Cross Formation: A Bullish Indicator
On a positive note, Solana is nearing a golden cross pattern, where the 50-day weighted moving average crosses above the 200-day moving average. This technical formation is widely considered a bullish indicator, often preceding significant price breakouts.
Price Forecast: Can Solana Break Through $200?
The most likely outlook for Solana remains bullish, provided it breaks above the resistance level at $184.53. A successful move past this point could propel the cryptocurrency toward the psychological milestone of $200, which also aligns with the 50% Fibonacci retracement level.
Investors should monitor these critical levels closely, as they will play a pivotal role in determining Solana’s next price movements. For now, the combination of strong ecosystem growth, high transaction activity, and promising technical indicators positions Solana as a cryptocurrency to watch in the coming weeks.
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