Solana's price, which has been on an upward trajectory for nearly four months, is now facing challenges as on-chain activity declines. The number of active addresses on the Solana network has fallen to a 13-month low, reflecting decreased user engagement and investor interest. Additionally, the Chaikin Money Flow (CMF) indicator has dropped below zero, indicating possible liquidity outflows.
Currently, Solana is trading at $222, hovering just above its $221 support level. Analysts warn that if selling pressure intensifies, the price could potentially fall to $213, highlighting the need for renewed investor activity to sustain its uptrend.
Solana's Uptrend Threatened by Declining On-Chain Activity
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