Solana Network Activity Surges 45% as SOL Price Nears Key Resistance
Solana experienced a significant surge in network activity during the third quarter, processing 14.2 billion non-vote transactions. This figure represents a 45% increase from the previous quarter, highlighting the growing usage across the Solana ecosystem. The rise in transactions underscores Solana's position as a high-activity blockchain, despite broader market volatility.
Despite the robust network activity, the SOL price has struggled to break through a key resistance level. The token has been moving sideways for about a week, leaving traders focused on whether buyers can regain momentum to push the price higher. The $120.80 resistance level is a critical point that SOL must surpass to confirm a bullish trend.
According to technical analysis by More Crypto Online, the SOL price is consolidating after a recent uptrend. The analyst identified potential upside targets at $127.70 and $133, but these are tentative levels. The market will be watching closely to see if SOL can breach the $120.80 resistance, which would strengthen the bullish bias.
The combination of record-breaking network usage and the price forming a consolidation pattern near resistance provides a mixed outlook for SOL. While high network activity is a positive fundamental factor, the token's near-term prospects depend on breaking through the key resistance level.