Solana Price Consolidation Triggers Concerns as Bears Defend Key Resistance

Solana's price has been stuck in a descending channel, forming lower highs and lows as bears seem to be in control. The token is currently trading at $73.53 with a 1.02% drop, while the trading volume decreased by 13.44%. Despite this, Solana's network activity remains resilient, with daily active users standing at around 2.4 million.

The divergence between declining Open Interest and steady network activity suggests that while speculative participation has cooled, underlying blockchain usage remains healthy. A sustained increase in Open Interest alongside strong network activity could support a bullish breakout above $78.

The Relative Strength Index (RSI) remains below the neutral 50 level, indicating bearish momentum is still in control. Meanwhile, the Chaikin Money Flow (CMF) suggests capital outflows continue to outweigh inflows, although the indicator has started to stabilize.