Solana on-chain activity nears yearly highs as SOL price tests $80 resistance
Solana's native token SOL trades near $77 after a 16% weekly bounce, yet remains 74% below its all-time high of $293. On-chain activity is climbing toward yearly highs, with active addresses retesting nearly 7 million and transactions per second trending toward 1,100 on a seven-day average. This divergence between network growth and price weakness sets up a decisive period for SOL. The weekly chart shows price defending the 0.786 Fibonacci retracement near $73, with first resistance at $120. Daily chart offers signs of a bottom, with price bouncing from $63 support and retesting resistance below $80. A daily close above $80 could open path to $100 and $120, while failure to hold $73 would expose $63 support. The upcoming Alpenglow consensus upgrade could act as a catalyst, but broader market weakness from ETF outflows remains a risk.
Key facts
- SOL trades near $77 after 16% weekly gain, but down 74% from ATH
- Active addresses near 7 million, transactions per second trending to 1,100
- Weekly chart: price defends 0.786 Fib at $73, resistance at $120
- Daily bounce from $63 support, key resistance at $80
- Alpenglow upgrade in Q3 could be catalyst; ETF outflows main risk