Solana's token SOL has dropped to $145, facing resistance at $180, with decreased onchain activity.

From Cointelegraph

March 07, 2025 04:58:30 pm:

Solana’s native token, SOL, has seen a 17% increase after dropping to $125 on Feb. 28. However, it faces strong resistance near $180, currently trading at $145, a 50% decline from its all-time high. Analysts attribute the drop to the memecoin market crash, leading to decreased onchain activity across various sectors.

Solana’s blockchain fees have dropped by 73%, indicating reduced appetite for SOL. Active addresses for liquid staking and NFT marketplaces have decreased significantly. Compared to Ethereum, Solana has underperformed, with fewer active addresses on its network, suggesting factors beyond the memecoin bubble burst.

SOL’s upside potential is limited by low leverage demand and lack of Trump support. The negative funding rate for perpetual futures reflects sellers paying to keep positions open. Addressing concerns about onchain activity, leverage demand, MEV bots, and investment from Trump’s project is crucial for SOL to regain bullish momentum.

Read more at Cointelegraph: 4 reasons why Solana (SOL) price could rally back to $180