The Solana investor sentiment has seen a notable decline in recent days, raising doubts about the asset’s ability to initiate a new bullish trend. Data from the on-chain analytics platform Santiment reveals growing distrust among SOL holders. This uncertain situation could foreshadow a significant price correction for the digital asset in the short term if key levels are not reclaimed.
On-chain data analysis shows a particularly worrying trend for the ecosystem. The weighted sentiment has turned negative, indicating that the volume of conversations on social media and specialized forums is mostly pessimistic compared to positive mentions. Additionally, network growth has slowed considerably in recent weeks. The creation of new addresses on the Solana Blockchain is currently at one of its lowest points in months, a factor that suggests a clear reduction in the arrival of new participants and investors to the ecosystem.
On-Chain Metrics Sound the Alarms
These indicators are crucial for understanding the project’s health in the medium and long term. Persistent negative sentiment can exert sustained downward pressure on the price, as it deters new buyers and encourages selling among current holders. On the other hand, the lack of robust network growth reflects possible market saturation or a general loss of interest. This combination of technical and social factors creates a scenario of high uncertainty for those holding positions in the SOL token, contrasting with the optimism seen earlier in the year.
From a technical analysis perspective, the signals also point towards a possible bearish scenario. The well-known MACD (Moving Average Convergence Divergence) indicator shows a recent bearish crossover on the daily chart, a signal that is usually interpreted by analysts as a precursor to price drops. Currently, experts are closely watching a key resistance level located in the $150 zone. If the price of SOL fails to convincingly overcome this psychological and technical barrier, it is very likely to seek lower supports, which are found at $133 and, subsequently, at the $121 level.
What’s Next for the Price of SOL?
The current outlook for Solana is complex and demands great caution from investors and market operators. The confluence of a declining Solana investor sentiment and the appearance of adverse technical signals suggests that the path of least resistance could be downwards in the immediate future. However, in the volatile cryptocurrency market, a decisive and high-volume break above the $150 resistance could invalidate this pessimistic scenario and pave the way for a new impulse. For now, the market awaits a clear definition to determine the price’s direction in the coming days.
