Solana Price Slips on Macro Worries, But Fundamentals Signal Bounce
Solana's price traded at $99.02 on Tuesday, down 3.89% over the past 24 hours as the crypto market sold off ahead of the Senate's cloture vote on the CLARITY Act and the Federal Reserve's decision.
The token is currently in a symmetrical triangle pattern, with its lower trendline near $98, where SOL found support on Friday. The upper trendline capped Tuesday's high at $104.82, and Solana trades $1.02 above the bottom of that pattern.
Despite being under pressure, Solana has strong fundamental data, including a 41.7% increase in network revenue to $45.35 million last week from $32 million the week before. This growth is significant because it connects network usage to token demand, with users needing to hold SOL to pay transaction fees and validators staking SOL to participate in consensus.