Solana price path to $200 stalls as transactions and addresses jump

Solana’s price path to $200 hit a challenge, as it stalled after finding strong resistance at $185 last week.

Solana (SOL) traded at $173.62 on Sunday, May 25, 7.25% from its highest level this month. It remains up by 82% from its lowest level this year. 

Third-party data shows that the Solana network and its ecosystem have done well in the past few weeks. The market cap of all meme coins on its ecosystem has risen to $14 billion from last month’s low of $6 billion. 

Solana’s transactions and active addresses have continued rising. Its transactions have increased by 7.3% in the last seven days to 462.5 million, a figure higher than the biggest chains, combined. For example, BNB Chain had 80 million transactions, while Base, Tron, and Near Protocol had $64 million, 62 million, and 42 million, respectively. 

Solana is also the most used blockchain network; its active addresses rose to over 34.7 million. In contrast, Base has 9.2 million, BNB has 7.8 million, while Ethereum has over 2.1 million addresses. 

Solana is also a major player in the decentralized exchange industry, handling $22.7 billion worth of transactions in the last seven days and $97 billion in the last thirty days. 

Solana price technical analysis

The daily chart shows the SOL price bottomed at $95.40 in April as concerns about its meme coins rose. It then rebounded to a high of $185 as other altcoins rallied. 

Solana has formed a small double-top pattern at $184.53 and a neckline at $159.45. A double-top is a popular bearish reversal pattern. 

On the positive side, the coin is about to form a golden cross pattern as the 50-day weighted moving average crosses the 200-day average. This pattern often leads to a strong bullish breakout. 

Therefore, the most likely Solana price forecast is bullish as long as it moves above the resistance at $184.53. Such a move will see it rise to the psychological point at $200, which is slightly above the 50% retracement level.