Solana Prints Record 75 Million Active Addresses, SOL Prices Still Not Mobilizing

Solana set a record 75 million active addresses (Photo; Doc. Cryptorank)

JAKARTA - Solana (SOL), one of the leading blockchain platforms, has again recorded new achievements with 75.2 million monthly active addresses. This is the all-time high point (ATH) showing Solana's increasing adoption. However, the current price of SOL is still facing pressure around the level of 132 US Dollars (Rp2,016,300), while market volatility is still ongoing.

The surge in activity of Solana users is proof of the increasing interest in this network. With exponential growth since mid-2023, the Solana ecosystem continues to grow rapidly. New users, developers, and decentralized applications (dApps) are increasingly joining this network, showing increasing popularity.

Solana managed to establish itself as one of the most scalable platforms in the decentralized finance (DeFi) and non-fungible token (NFT) sectors. Solana's advantage in dealing with large transaction volumes with high efficiency is one of the main keys to this soaring adoption.

Despite the development of Solana's ecosystem being very positive, the price of SOL still faces obstacles around the level of 132 US Dollars (Rp2,016,300). Technical indicators such as the Narrow Bollinger Bands hint at potential significant price movements in any direction.

According to Ambcrypto information, Solana's Relative Strength Index (RSI) is currently at 42.07, approaching the oversold region, signaling weak momentum. Bearish pressure is expected to continue, unless there is a significant buying action capable of reversing price trends.

In addition, the Moving Average Convergence (MACD) shows a bearish crossover signal, which confirms an increase in selling pressure. If this bearish trend continues, the SOL price will most likely test the Bollinger Band's low level at 124.88 US Dollars (Rp1,907,542). On the other hand, if there is a reversal, the price could try to penetrate resistance at the level of 140 US Dollars (Rp2,138,500).

On September 18, Solana recorded liquidation of 121.31 thousand US Dollars (Rp1.8 billion) for short and 3.19 million US Dollars (Rp48.7 billion) positions for long positions, showing greater pressure on long positions in the market. Binance became the exchange with the largest amount of long liquidation, reaching 2.02 million US Dollars (Rp30.8 billion), while 118.95 thousand US Dollars (Rp1.8 billion) were liquidated for short positions.

This data reflects the high volatility in the Solana market, with the last price recorded at 129.39 US Dollars (Rp1,976,432) at the time of liquidation. Traders are advised to remain cautious because continued volatility can trigger sharp price fluctuations.