Solana

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The post <a href="https://coinpedia.org/price-analysis/solana-surges-toward-140-despite-bearish-network-activity-will-sellers-defend-sol-price/">Solana Surges Toward $140 Despite Bearish Network Activity: Will Sellers Defend SOL Price?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
The cryptocurrency market has rebounded from concerns about a possible $9.4 billion <a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a> sale by Mt Gox, leading to a bullish momentum for various altcoins in the past day. The <a href="https://markets.coinpedia.org/solana/" target="_blank" rel="noreferrer noopener">price of SOL</a> has sparked buying interest, surpassing $140. Despite this rise, the gains may be temporary, as on-chain metrics and network activity for SOL indicate potential bearish trends. 
<h2 class="wp-block-heading" id="h-solana-s-address-stat-faces-a-decline">Solana’s Address Stat Faces A Decline</h2> 
Solana’s recent gains come amid a decrease in Bitcoin’s dominance in the crypto market, suggesting that traders are shifting their investments from BTC to leading altcoins. The Bitcoin Dominance Index saw a sharp drop of over 1.8% on June 25, marking its most significant daily decline since January. 
According to data from Coinglass, the <a href="https://coinpedia.org/price-prediction/solana-sol-price-prediction/" target="_blank" rel="noreferrer noopener">SOL price</a> experienced a total liquidation of approximately $3.7 million, with contributions from traders on both sides. The data indicates that long-position holders accounted for about $1.7 million of this liquidation, while sellers liquidated positions worth $2 million. 
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The latest on-chain metrics for SOL suggest a downward trend. Over the past five days, there has been a noticeable decline in Solana’s active addresses, falling from a high of 1.62 million to a low of 1.5 million. This reduction in user activity, likely influenced by recent market volatility, has led to a weaker trading sentiment and low chances for a major price movement.&nbsp;&nbsp; 
Additionally, Solana faced a drop in its new addresses as it declined from the high of 1.06 million to 920K. This suggests fewer people are joining the network, which could indicate a declining interest in trading on the platform. A reduction in new users can lead to less activity and might decrease the overall market engagement with Solana. 
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However, there’s bullish news as DeFiLlama reveals a rise in the total value locked (TVL) for Solana’s network, reaching $4.2 billion as of June 26. This increase shows that more people and developers are getting involved and trusting the Solana ecosystem, which has helped boost its price. 
<h2 class="wp-block-heading" id="h-what-s-next-for-sol-price">What’s Next For SOL Price?</h2> 
Solana has bounced back impressively from $122 and re-entered its descending channel pattern. Bulls are currently breaking above immediate Fib channels and are holding the price above the EMA20 trend line. As of writing, SOL price trades at $138, declining over 0.8% in the last 24 hours. 
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Bears might attempt to stop this recovery rally at the 100-day EMA ($141). If the price sharply reverses from this level, the SOL/USDT pair could drop to the critical support at $122 again. Bulls are likely to protect this level because if it breaks, the price could fall further to $100. 
On the other hand, if the bulls manage to drive the price above the 100-day EMA, it would indicate that the selling pressure is easing. This could lead the pair to rise towards the resistance line of $159. Breaking above this level could consolidate the price within $175-$192.&nbsp; 
Read Also: <a href="https://coinpedia.org/news/bitcoin-price-forecast-what-to-expect-in-the-coming-months/" target="_blank" rel="noreferrer noopener">Bitcoin Price Forecast: What to Expect in the Coming Months?</a>

Solana Surges Toward $140 Despite Bearish Network Activity: Will Sellers Defend SOL Price?

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