Solana Faces Pressure from Declining Activity and Token Unlocks
- Daily active addresses on Solana have fallen to a one-year low of 3.3 million, down from over 9 million earlier this year.
- Alameda Research unstaked and unlocked approximately $30 million worth of SOL tokens, contributing to market pressure.
- Solana ETFs have seen consecutive days of inflows, totaling $336 million in a week, with holdings by Bitwise and Grayscale reaching $351 million.
- SOL’s price is trading between $152–$156, having broken below the key support level of $156 amid bearish indicators.
Solana’s recent decline in user activity and the ongoing token unlocks by Alameda Research are exerting downward pressure on its market performance. Despite this, institutional interest remains strong as evidenced by substantial ETF inflows.
The ability of Solana to maintain its technical support at $140 is crucial for preventing further declines, especially as it balances between systematic selling pressures and robust institutional demand. Source
