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Solana's on-chain activity has hit a low not seen since January 2026, with daily transactions dropping to 79.8 million, according to Artemis. Despite this decline, Solana [SOL] has experienced a 2.4% price increase over the past 24 hours. This divergence raises questions about the sustainability of the current price momentum, as network metrics suggest weakening demand.Market indicators, however, show potential for a short-term rally. The Accumulation/Distribution (A/D) indicator has been trending upward for five consecutive days, indicating sustained buying pressure. Additionally, the Moving Average Convergence Divergence (MACD) is approaching a bullish crossover, which could signal further price gains. If Solana breaks above its descending channel resistance, it may reach the $99 level.Despite short-term weaknesses, Solana's long-term fundamentals remain strong, with a 5% increase in stablecoin supply and a $500 billion surge in DeFi volume in the first quarter. These factors suggest that the current divergence between price and on-chain metrics may be temporary, with potential for realignment if price momentum continues.

SOL-1.67%

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