2024

Solana

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Solana’s on-chain data show a picture that’s quite different from what technical indicators are showing. Despite bearish signals, the network has been buzzing with activity. 
<h3 id="span-style-font-weight-400-bullish-network-span">Bullish network</h3> 
Daily non-vote transactions on the Solana network have been climbing steadily, reaching around 50 million. This rise since early 2024 indicates more users are engaging with decentralized finance (DeFi) apps, gaming, and other DApps.&nbsp; 
On a monthly scale, non-vote transactions peaked at about 1.2 billion, aligning with the daily trend and showing strong network activity. 
<figure id="attachment_554707" aria-describedby="caption-attachment-554707" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" decoding="async" class="wp-image-554707 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-13-at-08.37.32.png" alt="Solana's on-chain data defies bearish technical indicators" width="2276" height="943" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-13-at-08.37.32.png 2276w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-13-at-08.37.32-300x124.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-13-at-08.37.32-1200x497.png 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-13-at-08.37.32-768x318.png 768w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-13-at-08.37.32-1536x636.png 1536w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-13-at-08.37.32-2048x849.png 2048w" sizes="(max-width: 2276px) 100vw, 2276px">
 <figcaption id="caption-attachment-554707" class="wp-caption-text">
 Source: The Block
 </figcaption>
</figure> 
The number of active addresses on Solana has also increased sharply. Daily active addresses have hit around 2 million, so more users are adopting Solana.&nbsp; 
Monthly active addresses mirror this trend, reaching about 60 million. The increase in fees, despite Solana’s low-cost transactions, shows a dramatic uptick in transaction volume and network usage.&nbsp; 
Priority fees, in particular, have seen huge spikes, reflecting urgent transactions, while standard transactions continue to make up for a huge part of the fee structure. The bulls have slightly more power than the bears, per the on-chain data. 
<figure id="attachment_554708" aria-describedby="caption-attachment-554708" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" decoding="async" class="wp-image-554708 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-13-at-08.36.53.png" alt="Solana's on-chain data defies bearish technical indicators" width="1920" height="475" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-13-at-08.36.53.png 1920w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-13-at-08.36.53-300x74.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-13-at-08.36.53-1200x297.png 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-13-at-08.36.53-768x190.png 768w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-13-at-08.36.53-1536x380.png 1536w" sizes="(max-width: 1920px) 100vw, 1920px">
 <figcaption id="caption-attachment-554708" class="wp-caption-text">
 Source: <a href="https://www.coinglass.com/currencies/SOL" rel="nofollow noopener" target="_blank">Coinglass</a>
 </figcaption>
</figure> 
SOL’s derivatives data show us a notable drop in trading volume and open interest. Trading volume has decreased by 36.71%, standing at $4.07 billion, while open interest is down by 1.09%, at $1.86 billion.&nbsp; 
There has been reduced trading activity, possibly due to recent market volatility. Traders are waiting for more market clarity. In the last 24 hours, there have been liquidations of $3.95 million, with $2.11 million in longs and $1.83 million in shorts. 
<h3 id="span-style-font-weight-400-bearish-technicals-span">Bearish technicals</h3> 
Strong though as the on-chain data might be, SOL’s trading chart is as bearish as it gets. The 50-day moving average, currently at $149.19, is a short-term resistance level. The 200-day moving average is at $138.33.&nbsp; 
SOL’s price is currently trading below the 50-day moving average but hovers around the 200-day moving average, suggesting support at this level. 
The MACD line is at 0.60 and the signal line at -2.23, resulting in a negative histogram value of -2.83. 
<figure id="attachment_554709" aria-describedby="caption-attachment-554709" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" decoding="async" class="wp-image-554709 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/07/SOLUSDT_2024-07-13_08-16-53.png" alt="Solana's on-chain data defies bearish technical indicators" width="2108" height="1502" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/07/SOLUSDT_2024-07-13_08-16-53.png 2108w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/SOLUSDT_2024-07-13_08-16-53-300x214.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/SOLUSDT_2024-07-13_08-16-53-1200x855.png 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/SOLUSDT_2024-07-13_08-16-53-768x547.png 768w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/SOLUSDT_2024-07-13_08-16-53-1536x1094.png 1536w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/SOLUSDT_2024-07-13_08-16-53-2048x1459.png 2048w" sizes="(max-width: 2108px) 100vw, 2108px">
 <figcaption id="caption-attachment-554709" class="wp-caption-text">
 Source: TradingView
 </figcaption>
</figure> 
This setup means a bullish crossover is forming, but overall momentum remains bearish. 
Also, the SOTT (Sum of Total Turnover) indicator shows stable market turnover, with values at 1048.54 and 1045.86. This stability again tells us that traders are waiting for a clear signal before making any decisive moves. 
If the price holds above the 200-day moving average and the MACD crossover materializes, the bulls could indeed reverse the sentiment. At press time, SOL was worth $139.

Solana’s on-chain data defies bearish technical indicators

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