Solana at Crucial Support: On-Chain Metrics Signal Bullish Momentum Despite Price Dip

Quick overview

Solana SOL/USD is currently trading around $165, down 1.8% in the past 24 hours, yet key on-chain metrics suggest a potential bullish reversal ahead. Glassnode data indicates that following weeks of consistent capital withdrawals, Solana’s realized cap is displaying indications of stability. With 4-5% growth, SOL’s 30-day capital inflows are turning positive—akin to XRP—indicating fresh investor optimism despite price drop.

Solana’s more transactions than all other blockchain systems taken together help to corroborate this good view via network activity. Based on Nansen’s research, crypto specialist Curb.sol claims SOL now boasts more active wallet addresses than any rival network. Solana exceeded all rivals in income generating during Q1 2025, hence its superiority is not new.

Solana dApp Revenue Soars to $1.2 Billion as Meme Coins Flourish

With total application revenue surpassing $1.2 billion—a 20% increase from the $970.5 million previous quarter—Solana’s ecosystem recorded its highest 12-month performance in Q1 2025. January by itself accounted for about 60% of this whole sum.

Leading the race with $257 million in income, Meme Coin Launchpad Pump; followed by the Phantom wallet with $164 million. With projects like $Trump, $Bonk, and $FARTCOIN seeing substantial increases, meme currencies’ ongoing success on Solana defies stories implying their fall-off.

SOL/USD Technical Analysis: Decisive Move Expected After Double Support Test

Solana’s price movement exposes a key technical setup developing around the $166 support level. Following a rising to about $183 on May 14, SOL has twice tested the $166 range with consistent support. Strong positive candles around this price point show significant purchase demand.

Sol is up just 0.70% on the day, trading currently between $169 and 171. Trade City Pro’s study suggests that a breakout over either $177.51 or $183.86 will probably set off a significant rise toward the $190-$200 range. Failure to keep the $166 support, however, might cause a retreat toward $142.25.

Solana Price Prediction: Potential All-Time High by July

Crypto expert Inmortal is still positive about Solana’s medium-term future even with the present consolidation. With “$180 as the line in the sand, but it won’t take long to get through it,” the analyst says SOL will momentarily stabilize before starting a rebound to a new record high of $320 in July. Then $320.

This positive forecast fits increasing application income and better on-chain indicators. Solana’s 24-hour trading volume, meanwhile, has dropped to $2.3 billion—a 36.15% drop from past levels—suggesting caution in the near future.

Solana is still at a crossroads for now, gathering above the crucial $166 support. Whether bulls can effectively defend this level and create enough volume to challenge the upper resistance range between $177 and $183 will probably determine the next directional movement of the market and maybe set the stage for the notable surge many analysts project in the next months.

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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