Solana Price Hits Resistance, Record Network Activity Supports Bullish Outlook

Solana's price has been steadily climbing since August 18, pushing through a steep ascending trendline and entering a resistance zone between $98 and $100.

Despite this recent surge, Solana's current price of $101.36 is still down 0.50% from its previous day's close.

On the positive side, Solana's network has seen significant growth, processing a record 1.31 billion transactions last week.

The SOL ETFs have also been performing well, pulling in $33.49 million on August 24, the strongest single day since their launch.

However, a notable whale exit has added some caution to the market, increasing short-term risk for Solana's token performance and DeFi activity.