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Solana price has seen a sharp drop in the past three days, from $221 to $201.
Despite the decline, investor sentiment remains optimistic, but this optimism has not yet translated into concrete actions to support recovery.
Solana Needs More Support
The number of active addresses on the Solana network has gradually increased since the beginning of the year. In nine days, the number of addresses conducting transactions on the network increased by 1.5 million. This increase shows that investors have confidence in Solana’s resilience and are preparing to take advantage of lower prices.
While the increase in the number of active addresses shows growing interest, it also highlights the gap between optimism and concrete action. Many investors are still waiting for more favorable conditions before increasing their participation in the network, putting Solana in a precarious position.
The Chaikin Money Flow (CMF) index shows that cash flow into Solana is not strong enough to promote a significant recovery. Although investors remain optimistic, the lack of inflows has limited Solana’s ability to benefit from increased interest and active addresses.
SOL Price Prediction: Overcoming Resistance
Currently, Solana price stands at $188 after regaining key support at $186. The altcoin is currently targeting resistance at $201 with a view to converting to support to establish the foundation for a potential recovery.
If inflows into Solana increase, aggressive buying activity could push the altcoin above the $201 resistance level. A break above this level would fuel the next rally, potentially attracting additional investors and reinforcing positive sentiment.
However, if the current support fails to maintain, Solana could drop to $175. The move would invalidate the optimistic rally and could increase negative investor sentiment.
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