Solana Price Pressure Persists Despite Record Network Activity
Solana's price continues to face pressure despite its resilience against longer-term trends. Currently trading at $99.89, Solana is down 2.1% on the day and remains under short-term seller dominance.
The network reached a record high in activity on September 10, with over 263,000 new SPL tokens minted and $5.09 million in daily app revenues. Institutional participation has also increased, with Bitwise boosting its Solana holdings by $107.4 million and U.S. spot Solana ETFs seeing $11.74 million in net inflows.
However, the asset's price remains under pressure relative to the medium-term trend, showing resilience only against longer-term benchmarks. The short-term MA-20 is at $99.78, while the MA-50 is at $101.64, and the MA-200 acts as a support anchor at $82.85.
The immediate resistance level is defined by the Ichimoku Kijun at $100.35. Momentum indicators reinforce a bearish stance, with the MACD showing a strong sell, ADX confirming prevailing selling pressure, RSI reading 41.17, and CCI in negative territory.