Solana Network Activity Surges 45%, But Price Stuck at Resistance Zone

Solana's network activity has seen a significant increase in the third quarter, with the blockchain processing 14.2 billion non-vote transactions. This represents a 45% rise from the previous quarter, highlighting continued growth in usage across the Solana ecosystem.

Despite this increase in network activity, the SOL price has struggled to break above a key resistance zone of $120.80. The token has been consolidating sideways for around a week, leaving traders focused on whether buyers can regain momentum and push the price towards higher technical levels.

According to analysts, the completion of a five-wave move should result in the emergence of a three-wave wave, with two retracements to form a higher low. This could potentially lead to a breakout above the $120.80 resistance level, with targets of $127.70 and $133.