The Solana price has been on a rising trend since the beginning of the second half of the month and surged to $90, which is a crucial resistance level. After a steady recovery, the momentum has begun to slow down and is flashing the signs of exhaustion. The rally has held structure so far, but the lack of a strong follow-through at higher levels raises questions about whether bulls can sustain the move or not.
Solana Active Addresses Decline Signals Cooling Network Demand
Solana’s monthly active users have dropped significantly from their peak, falling toward the ~10 million range after reaching much higher levels in mid-2025. This sustained downtrend points to weakening retail participation and reduced on-chain activity, suggesting that the network is currently not experiencing broad-based user growth.
For traders, declining user activity is a key warning signal. It reflects cooling organic demand, which often makes rallies more fragile and dependent on external factors like liquidity and sentiment rather than consistent network usage.
Stablecoin Supply Growth Shows Strong Liquidity Inflows
In contrast, Solana’s stablecoin supply has expanded sharply, rising to nearly $15 billion, marking a significant increase in capital within the ecosystem. This growth indicates that liquidity continues to flow into Solana, providing ample “dry powder” for trading, DeFi activity, and short-term speculation.
However, this imbalance between rising liquidity and falling user activity suggests a capital-driven market structure. While the increased stablecoin supply can support price rallies, the lack of user growth raises concerns about sustainability, making the current trend more reactive than fundamentally strong.
Solana Price Analysis: $90 Rejection Zone Remains the Key Barrier
The SOL/USDT chart shows price repeatedly testing the $88–$90 resistance zone, but failing to secure a clean breakout. This area aligns with a descending trendline and prior rejection levels, making it a critical supply zone. Despite multiple attempts, buyers have struggled to sustain momentum above this range, indicating seller presence at higher levels.
On the downside, the $75–$78 zone continues to act as strong support, with price consistently forming higher lows above this region. This creates a tightening range, suggesting a potential breakout attempt ahead. However, until SOL decisively clears $90–$92, the structure remains neutral-to-bearish in the short term. A rejection here increases the probability of a pullback toward $82 and potentially $78, while a confirmed breakout could open the path toward $100+ levels.
Conclusion: Liquidity Supports, But Weak Participation Caps Momentum
Solana currently sits at a conflicted market structure. On one hand, rising stablecoin supply signals strong liquidity inflows, providing the fuel for upward moves. On the other hand, declining user activity reflects weakening organic demand, limiting the strength and sustainability of rallies.
At the same time, price action confirms this imbalance. Repeated failures near $90 show that capital alone is not enough to drive a breakout, especially without broader participation. This creates a market where moves are increasingly reactive—driven by liquidity and positioning rather than strong trend conviction.
Bullish continuation requires a clean break above $90–$92, while a failure to do so keeps SOL range-bound with downside risk toward $82–$78. Until participation strengthens, Solana is likely to remain in a liquidity-driven, resistance-heavy environment, where rallies face pressure and pullbacks come quickly.
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