Solana Leads in Daily Activity Despite Retracing in a Broadening Ascending Structure

2025-06-02 19:03:39

Abstract generation in progress

Even though Solana’s daily active addresses are going through the roof, the sixth-largest cryptocurrency based on market capitalization continues to witness a pullback.

Crypto analyst Lingrid noted this development: “Solana is pulling back within a broadening ascending structure, now testing dynamic support near $160. Previous breakouts from flag formations suggest buyers may defend this zone. If support holds, a new leg toward the $190–200 target zone could unfold. Price needs to confirm the bounce before momentum returns.”

Source: Lingrid

Therefore, SOL will need to hold critical support at $150 if a bullish fire is to be ignited towards the $200 zone.

Meanwhile, Ark Invest CEO Cathie Wood continues to preach the Solana gospel after recently stipulating that the blockchain was robust since it has withstood the Sam Bankman-Fried controversy.

Solana’s Daily Active Addresses Spike

Taking the helm as the blockchain with the highest daily active addresses and transaction volume, Solana continues to witness high usage, thanks to a vibrant ecosystem and strong demand.

Source: Crypto King25

This can be linked to the fact that Solana is known for its low-cost and high-speed transactions, recording more than 65,000 transactions per second (TPS).

Solana’s growing ecosystem might also trigger these high on-chain metrics, where meme coins and DeFi continue to take center stage.

SOL-4.43%

A-4.98%

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.