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Why Solana User Demand Spike Hasn’t Lifted SOL Price

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Layer-1 (L1) blockchain Solana saw a surge in user demand in October. During those 31 days, Solana’s monthly user activity climbed to its year-to-date high. 

Despite this uptick in user demand, the price of SOL has struggled to maintain momentum. The popular altcoin has encountered significant resistance over the past month, keeping its value under $190.

Solana Welcomes New Users

In October, user demand on Solana skyrocketed, as reflected by the rise in its daily active addresses. During the 31-day period, the number of unique addresses that signed transactions on the L1 totaled 123 million, its highest count since the year began. It also represented a 41% uptick from September’s 86 million unique addresses. 

Read more: Solana (SOL) Price Prediction 2024/2025/2030

Solana Active Addresses. Source: Artemis

During the review period, Solana also saw an influx of new users. On-chain data shows that the total number of unique first signers to transact on the Solana Network was 148 million in October — the highest count this year and a 32% increase from September’s 100 million new users.

Solana New Address Count.
Solana New Address Count. Source: HelloMoon

Altcoin’s Reaction Is Subdued

Despite the surge in network activity, SOL’s reaction has remained mostly muted. A series of resistance levels have prevented it from reaching the $190 mark. BeInCrypto’s analysis of the SOL/USD daily chart shows key resistance at $159.96 and $171.78 — levels where the coin has experienced significant selling pressure over the past month.

SOL is currently trading at $168.01, reflecting a 4% drop over the past 24 hours. Meanwhile, a 6% surge in trading volume signals intensified selling activity in the market.

When price declines alongside increased trading volume, it generally signals a bearish market sentiment. This pattern suggests that more traders are offloading their assets, adding further downward pressure on SOL’s price.

Solana Price/Trading Volume
Solana Price/Trading Volume. Source: Santiment

Further, the setup of SOL’s moving average convergence/divergence (MACD) indicator confirms the spike in selloffs. The coin’s MACD line (blue) has just crossed below the signal line (orange), suggesting a shift in the market trend from bullish to bearish.

The MACD indicator measures an asset’s price trends and momentum and identifies its potential buy or sell signals. When the MACD line falls below the signal line, it signals a bearish trend reversal, indicating that the asset’s momentum is weakening. Traders often view this crossover as a sign to consider selling or reducing positions.

Solana MACD
Solana MACD. Source: TradingView

SOL Price Prediction: This Level Must Become Support

As of this writing, SOL trades at $168.01, hovering just below the $171.78 level, which recently served as brief support. With demand waning, this level could soon turn into a resistance point, increasing selling pressure on the altcoin.

If $171.78 turns into resistance, SOL’s price may slide further to $159.96. Should this support level fail, a decline toward $148.14 becomes likely. 

Read more: Solana vs. Ethereum: An Ultimate Comparison

Solana Price Analysis
Solana Price Analysis. Source: TradingView

On the upside, a demand rebound could flip $171.78 back into support, potentially pushing SOL toward $188.60 — a critical hurdle before targeting its year-to-date high of $210.03.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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XRP Price Fate Hangs on $2.00—Major Move Incoming?

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



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Ethereum Price Weakens—Can Bulls Prevent a Major Breakdown?

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Ethereum price started another decline and traded below the $1,880 level. ETH is now consolidating and remains at risk of more losses.

  • Ethereum struggled to continue higher above the $2,000 resistance level.
  • The price is trading below $1,880 and the 100-hourly Simple Moving Average.
  • There is a connecting bearish trend line forming with resistance at $1,820 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must clear the $1,820 and $1,880 resistance levels to start a decent increase.

Ethereum Price Dips Again

Ethereum price failed to continue higher above $2,100 and started another decline, like Bitcoin. ETH declined below the $1,920 and $1,880 support levels.

It tested the $1,765 zone. A low was formed at $1,767 and the price recently attempted a fresh upward move. There was a move above the $1,800 level but the price is still below the 23.6% Fib retracement level of the recent decline from the $2,033 swing high to the $1,767 low.

Ethereum price is now trading below $1,880 and the 100-hourly Simple Moving Average. There is also a connecting bearish trend line forming with resistance at $1,820 on the hourly chart of ETH/USD.

On the upside, the price seems to be facing hurdles near the $1,820 level. The next key resistance is near the $1,880 level and the 50% Fib retracement level of the recent decline from the $2,033 swing high to the $1,767 low. The first major resistance is near the $1,920 level.

Ethereum Price
Source: ETHUSD on TradingView.com

A clear move above the $1,920 resistance might send the price toward the $2,000 resistance. An upside break above the $2,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,050 resistance zone or even $2,120 in the near term.

More Losses In ETH?

If Ethereum fails to clear the $1,880 resistance, it could start another decline. Initial support on the downside is near the $1,780 level. The first major support sits near the $1,765 zone.

A clear move below the $1,765 support might push the price toward the $1,720 support. Any more losses might send the price toward the $1,680 support level in the near term. The next key support sits at $1,650.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $1,765

Major Resistance Level – $1,880



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Bitcoin Bears Tighten Grip—Where’s the Next Support?

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Bitcoin price started another decline below the $85,000 zone. BTC is now consolidating and might struggle to recover above the $83,500 zone.

  • Bitcoin started a fresh decline below the $83,500 support zone.
  • The price is trading below $83,200 and the 100 hourly Simple moving average.
  • There is a connecting bearish trend line forming with resistance at $82,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start another decline if it stays below the $83,500 resistance zone.

Bitcoin Price Dips Further

Bitcoin price failed to remain above the $85,500 level. BTC started another decline and traded below the support area at $85,000. The bears gained strength for a move below the $83,500 support zone.

The price even declined below the $82,000 level. A low was formed at $81,586 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $83,500 swing high to the $81,586 swing low.

Bitcoin price is now trading below $82,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $82,000 level. The first key resistance is near the $82,750 level. There is also a connecting bearish trend line forming with resistance at $82,750 on the hourly chart of the BTC/USD pair.

Bitcoin Price
Source: BTCUSD on TradingView.com

The trend line is near the 61.8% Fib retracement level of the downward move from the $83,500 swing high to the $81,586 swing low. The next key resistance could be $83,500. A close above the $83,500 resistance might send the price further higher. In the stated case, the price could rise and test the $84,200 resistance level. Any more gains might send the price toward the $84,800 level or even $85,000.

Another Decline In BTC?

If Bitcoin fails to rise above the $83,500 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $81,800 level. The first major support is near the $81,500 level.

The next support is now near the $80,650 zone. Any more losses might send the price toward the $80,000 support in the near term. The main support sits at $78,500.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $81,500, followed by $80,650.

Major Resistance Levels – $82,750 and $83,500.



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