Required containers
- Solana (SOL) is down almost 2% in the last 24 hours after failing to break above the critical resistance at $78.
- Spot Solana ETFs will reflect the number of stocks that are performing well in institutional markets.
- A break below $74 could send SOL to $64, while a break above $78 could trigger a rally to $90.
Solana (SOL) extended its recent pullback on Friday, down nearly 2% in the past 24 hours as buyers once again failed to overcome resistance at $78.
Although a cooling of US inflation increased risk appetite earlier this week, the rally is not strong enough to do so. At the same time, the decrease in trading volume and the issuance of ETFs has increased caution.
Trading activity freezes after the recent meeting
Market participation has fallen sharply in recent quarters. Daily trading volume has fallen from a short-term peak of about $4 billion on July 2 to about $2 billion, suggesting that interest rates have fallen following the recent reversal.
The failure to break above the $78 resistance despite improving economic sentiment suggests that the bullish momentum may be weakening.
Union sentiment has also declined. According to CoinGlass, Solana-focused exchange-traded funds (ETFs) recorded nearly $700,000 in earnings this week.
The change contrasts with recent weeks, when Solana ETFs attracted more than $1.1 million and collected nearly $3 million since the beginning of the month.
The change suggests that investors remain cautious as uncertainty about interest rates and market growth continue to weigh on risk.
Despite the low prices, Solana’s online startup continues to thrive.
Data from Santiment shows that daily active addresses (DAAs) have continued to rise, reflecting the growing number of internet users.
In particular, the number of addresses that have been running for 30 days has exceeded 50 days, the gap is widening in recent days.
In the past, similar crossovers have preceded major moves in Solana prices, although they do not indicate whether the move will be permanent or permanent.
The increase in active wallets shows that investors are ahead of the mark’s next big trend.
SOL faces a critical technological crossroads
Technically, Solana remains locked below the key $78 level. Repeated rejections at this price have solidified it as the biggest hurdle that bulls must overcome before they can begin a lasting recovery.
On the downside, the same focus shifts to upside support near $74. This standard represents an important protection for consumers.
If $74 fails to hold, Solana could run lower to the next major support at $64.
Momentum signals are starting to favor the bears. The Relative Strength Index (RSI) has dropped to 49, falling below its signal line and indicating a weakening trend.
A move to 40 would reinforce the bearish trend and indicate that sellers have gained more strength.
Conversely, a confirmed breakout above $78 would lead to short covering, as a large number of stops are believed to be above that level.
Such a move would prompt buying and open the door to a $90 rally.
At present, Solana is still at a very basic level of technology, with a limited amount of management in contrast to the promotion of chain activities. The next breakout or breakout determines where the signal is temporarily.
