Solana Price Fails to Clear Resistance Amid Weakening On-Chain Signals

Despite its relatively calm price action near $77, Solana's on-chain signals reveal several alarming signs. According to BeInCrypto, the network's trading volume has collapsed roughly 80% from its April peak to about $63 billion in July.

This weakening DEX footprint means traders are using less money to manage trades, resulting in a slide in price and hinting at wider market weakness. The value locked in Solana's DeFi apps, or TVL, has also bounced off its July low but has already rolled over, slipping to about $4.81 billion from an August 1 peak near $5.29 billion.

The on-chain signals suggest that holders may be preparing to sell, as exchange netflow flipped positive after three days of outflows. This could add more pressure to the Solana price, which is already facing a wall of resistance around $77.72.