Solana’s price action remains confined within a bearish technical pattern, facing persistent rejection near the $153 resistance level while relying on established support around $137. This consolidation within a descending wedge formation hints at weakening bullish momentum despite the network’s undeniable underlying strength.
Repeated failures to breach the $153 barrier increase the risk of a downward move. A decisive drop below the critical $137-$140 support zone could potentially trigger a further decline towards the next significant technical support at $127, a level previously tested in late June.
Momentum indicators reflect this uncertainty, with the Relative Strength Index (RSI) hovering just above the neutral 50 level, offering little conviction for either bullish or bearish dominance. This state of equilibrium suggests the market is poised for a potential breakout or breakdown.
Notably, Solana’s fundamental on-chain activity presents a stark contrast to its price stagnation. The network continues to demonstrate unmatched operational scale, consistently processing over 100 million transactions daily. This exceptional throughput signifies robust demand for its services and strong user engagement. Solana frequently leads major blockchains in pure transaction volume, highlighting its position as a highly utilized platform despite the current price consolidation phase.