Solana (SOL) has experienced a 7.2% rally since May 4, maintaining a price above $80. Despite this upward movement, the cryptocurrency remains under bearish pressure, struggling to break past the psychological $100 level. The ongoing range formation since February, coupled with a preceding downtrend, suggests limited potential for a significant breakout.
New address growth for Solana has been declining since March, with only a slight recent uptick, indicating muted retail demand. This trend aligns with the broader bear market affecting both Bitcoin and Solana. The MVRV extreme deviation bands highlight critical price levels, with $120 acting as resistance and $64 as potential support, suggesting investors should prepare for possible price fluctuations.
