- Solana’s usage is growing even though its price fell, suggesting the network’s strength could help the token recover over time ahead soon.
- Daily active addresses and new wallets are rising, showing more people are using Solana again despite the recent market drop this month too.
- Key support levels like $95 and $120 matter; holding above them could boost confidence, while a drop below may signal more downside
Since September 17th, Solana’s market value has decreased by 49%. On-chain indicators show increasing network activity despite this steep drop, suggesting a possible comeback.
Santiment, a crypto analytics platform, reports that there were 1.32 million daily active addresses in late November—the highest number in around ten weeks. Additionally, the quantity of new wallets being made is increasing, suggesting a revival of consumer interest in the blockchain.
The divergence between network activity and price is particularly noteworthy. SOL’s price stabilized between $137 and $154, even as interacting addresses increased. Santiment notes, “The amount of interacting addresses are rising, and new $SOL wallet creation is trending up.”
This shows that more people are using Solana, which could help its price rise later on. Because of that, long-term investors who want more than quick, risky trades might start paying closer attention to Solana.
Network Activity Trends
Solana experienced robust network engagement during May and June 2025, with daily active addresses exceeding 2 million. However, the summer months saw a steady decline, coinciding with price corrections. By late September and early October, addresses dropped to approximately 1 million.
The October rebound marked a positive momentum shift, with address activity climbing steadily. Moreover, network growth metrics mirrored this pattern, recovering alongside daily engagement. By November, network growth reached 2.88 million, further emphasizing renewed user interest.
Technical Analysis and Price Outlook
According to analyst DrBullZeus, Solana’s key level to watch is $95.26. If SOL stays above this price, it could show strength and even work its way back toward its old highs near $295. But if the price falls below $95.26 and closes there, it could signal trouble and open the door to more losses.
Solana’s weekly chart shows that sellers still control the trend for now. Two key Fibonacci levels, 0.382 and 0.618, are where prices have been bouncing. The $120 area has also attracted buyers many times before, so it remains an important support level. Right now, SOL is sitting near $124.46, which is about $28 lower than recent levels.
Future Scenarios
Solana’s path forward remains dependent on both adoption and technical performance. If bullish trends in on-chain metrics continue, SOL could recover toward previous resistance near $300.
However, breakdowns could trigger additional downside; increased wallet creation and address interactions provide a fundamental signal of network strength, potentially offsetting temporary price weakness.
