en.bitcoinsistemi.com
Solana (SOL), which reached its all-time high last January following the inauguration of US President Donald Trump, is currently experiencing difficult times.
While it dropped to levels as low as $120 during the recent crashes, it is now around $140.
In its latest analysis, cryptocurrency analysis platform Santiment stated that Solana has recently risen to $144 and is attempting to break above the $145 resistance level.
However, Santiment said that despite the price recovery, the continued slowdown in network growth raises questions about Solana’s future.
Analysis firm Solana stated that short-term price movements will depend on whether network growth recovers.
“Solana recently rose to around $144 and is attempting to break above the $145 resistance level. However, short-term price action will depend on whether network growth metrics improve again.”
Santiment has noted a significant slowdown in the rate of new wallet creation on the Solana network, based on data from recent weeks.
Last November, the number of new wallet creations per week was approximately 30.2 million, but it has recently dropped sharply to around 7.3 million. This indicates a slowdown in new user adoption and network expansion.
In conclusion, if network growth on Solana continues to slow, buying momentum at the resistance level may weaken, increasing short-term pullbacks. Conversely, a rebound in network growth and wallet count could confirm an upward breakout attempt and strengthen a sustainable bullish case above $145, opening up room for higher upside targets for Solana.
*This is not investment advice.