Solana Price Nearing Critical Support with Recovery Potential

The price of Solana is once again under pressure, with the $200 mark remaining elusive. Today’s price stands at $186.3, reflecting a decrease of 1.8% over the past 24 hours. The trading volume has reached approximately $1.8 billion, with the Total Value Locked (TVL) in the network around $4.9 billion. The Liveliness metric has increased to 0.77, indicating that long-term holders are beginning to move and sell their tokens, amplifying downward pressure. Additionally, the number of new addresses has dropped by 38% over the past month, and in the last 48 hours, there has been a net loss of 1.4 million new wallets, signaling waning interest even during market activity peaks. Engagement in dApps like Jupiter and MarginFi is also declining, with a 22% reduction in overall activity. The critical support level is around $176; a move below this could trigger a correction down to $150–160. Currently, Solana bounces between $186 and $188, making this a fragile equilibrium. However, there remains potential for recovery if market conditions improve and Bitcoin surpasses $64,000, potentially pushing SOL back above $200, with targets of $210–220. Rumors about an upcoming ETF on Solana are also fueling institutional interest. Overall, the coin faces significant pressure from long-term investors and declining user activity, but with a trend shift and positive news, its growth prospects could be revived.