Solana (SOL) Price Prediction: Is $60 the Next Stop as Network Activity Slows Down?

Amid the broader market uncertainty, Solana's price trend has maintained its downward trajectory. With an intraday pullback of 3.07%, Solana is currently trading at $124.

Solana (SOL) price has been on a downward trajectory amid broader market uncertainty, with an intraday pullback of 3.07%.

This puts pressure on the $100 psychological barrier, especially as network activity continues to decline, impacting the token's demand.

However, a bullish divergence in MACD and a crossover between MACD and the signal line suggest a potential recovery if the broader market shows signs of stabilization.

Solana price analysis: Bears in strong control

On the daily chart, SOL price is under strong bearish pressure as it continues to trade below the MACD line, suggesting a strong bearish influence.

Since its all-time high of $295, Solana price has experienced a nearly 60% drop from its peak.

This pullback phase has now extended over 60 days, and the bearish trend suggests a high likelihood of SOL crashing below the $100 psychological mark.

A recovery attempt last week from a swing low of $112 saw the price peak at $137 on Sunday.

However, this week has brought a fresh wave of bearish momentum, testing the S1 pivot support level at $104.30.

With the bearish trend gaining momentum, the $100 psychological support level is at risk of breakdown.

In this scenario, the S2 pivot support level at $60 becomes the primary bearish target, indicating a downside potential of nearly 50%.

Nevertheless, a bullish divergence in the MACD and the positive crossover between MACD and signal lines offers a glimmer of hope, which could suggest a potential recovery if the broader market stabilizes.

If that happens, the center pivot level at $169.20 may serve as the next immediate price target.

Solana network activity slows down

As the SOL price trend witnesses a spike of bearish influence, the network witnesses a massive decline in activity.

The number of active addresses on the Solana network has dropped from 5.69 million to 2.76 million since January 2025.

This represents a more than 50% decline over the past 60 days. Additionally, the number of new addresses on the Solana network has fallen to 2.6 million.

With the rate of unique first-time signers decreasing, demand for the SOL token is unlikely to increase.