Even though Solana’s daily active addresses are going through the roof, the sixth-largest cryptocurrency based on market capitalization continues to witness a pullback.
Crypto analyst Lingrid noted this development: “Solana is pulling back within a broadening ascending structure, now testing dynamic support near $160. Previous breakouts from flag formations suggest buyers may defend this zone. If support holds, a new leg toward the $190–200 target zone could unfold. Price needs to confirm the bounce before momentum returns.”
Therefore, SOL will need to hold critical support at $150 if a bullish fire is to be ignited towards the $200 zone.
Meanwhile, Ark Invest CEO Cathie Wood continues to preach the Solana gospel after recently stipulating that the blockchain was robust since it has withstood the Sam Bankman-Fried controversy.
Solana’s Daily Active Addresses Spike
Taking the helm as the blockchain with the highest daily active addresses and transaction volume, Solana continues to witness high usage, thanks to a vibrant ecosystem and strong demand.
This can be linked to the fact that Solana is known for its low-cost and high-speed transactions, recording more than 65,000 transactions per second (TPS).
Solana’s growing ecosystem might also trigger these high on-chain metrics, where meme coins and DeFi continue to take center stage.
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