Solana experienced a significant rise in user demand in October, reaching a year-to-date peak. The number of unique addresses signing transactions hit 123 million, marking a 41% increase from September.
Despite the increase in network activity, Solana's price has struggled, facing notable resistance levels that prevent it from surpassing $190. Key resistance levels have been identified at $159.96 and $171.78, where selling pressure has been significant.
The price currently hovers at $168.01 with a corresponding 4% drop in a day. Increased trading volume suggests intensified selling activity, contributing to bearish market sentiment.
The MACD indicator points to bearish trends as the MACD line crosses below the signal line, suggesting weakening momentum. This could be a sign for traders to consider selling.
If the current $171.78 level turns to resistance, a slide to $159.96 or even $148.14 is possible unless demand rebounds and flips this level to support, enabling a potential push toward $188.60.
