en
Back to the list

Will Solana Plummet to $60 as Network Activity Dips by 50%?

source-logo  thecryptobasic.com 18 March 2025 12:59, UTC

Solana is in freefall with a potential crash below $100 as network activity declines. Could this lead to the SOL price testing of $60?

Amid the broader market uncertainty, Solana’s price trend has maintained its downward trajectory. With an intraday pullback of 3.07%, Solana is currently trading at $124.

Additionally, declining conditions on the Solana network raise concerns about a more severe correction in SOL prices. Will this cause the price to break the $100 psychological mark?

Declining Solana Prices Warn $100 Breakdown

On the daily chart, SOL’s price trend is under strong bearish pressure. Since its all-time high of $295, Solana has experienced a nearly 60% drop.

The pullback phase has now extended over 60 days, and the bearish trend suggests a high likelihood of SOL crashing below the $100 psychological level.


Solana Price Chart

A recovery attempt last week from a swing low of $112 saw the price peak at $137 on Sunday. However, this week has brought a fresh wave of bearish momentum. As a result, SOL is likely to create another lower low and test the S1 pivot support level at $104.30.

With the bearish trend gaining momentum, the $100 psychological support level is at risk of breaking down. In this scenario, the S2 pivot support level at $60 becomes the primary bearish target, indicating a downside potential of nearly 50%.

Nevertheless, a bullish divergence in the MACD and the positive crossover between the MACD and signal lines offers a glimmer of hope. This could suggest a potential recovery if the broader market stabilizes.

If that happens, the center pivot level at $169.20 may serve as the next immediate price target.

Solana Network Activity Slows Down

As the SOL price trend witnesses a spike of bearish influence, the network witnesses a massive decline in activity. The number of active addresses on the Solana network has dropped from 5.69 million to 2.76 million since January 2025.

This represents a more than 50% decline over the past 60 days. Additionally, the number of new addresses on the Solana network has fallen to 2.6 million. With the rate of unique first-time signers decreasing, demand for the SOL token is unlikely to increase.

Number of Active Addresses on Solana Network
thecryptobasic.com
Cryptonews.net website uses cookie files to personalize services and improve the user experience of the website.
If you do not want your personal data to be processed, please limit its use in your browser.