Solana's price has significantly dropped from $221 to $201 in just three days, stirring investor concerns despite ongoing optimism. This optimism hasn't led to substantial investment action, causing Solana's price recovery efforts to remain sluggish.
The number of active addresses on Solana's network has surged by 1.5 million since the year began, indicating growing investor interest. However, this enthusiasm isn't matched by concrete financial support, highlighting a disconnect between optimism and action.
With weak inflows, as shown by the Chaikin Money Flow indicator, Solana struggles to leverage rising active addresses. This lack of influx is a critical hurdle stalling Solana's potential price surge, keeping the altcoin vulnerable to market swings.
Solana's current price hovers around $188, just above a critical support level of $186. The altcoin is attempting to breach the $201 resistance level to recover. Successful inflows could push it past this mark, potentially attracting more investors.
Failing to maintain current support levels might lead to further drops, possibly down to $175, invalidating optimism and increasing negative investor sentiment.
