Solana's SOL price has taken a significant hit, dropping 72% from its all-time high. However, despite this decline, the cryptocurrency's network activity and revenue metrics remain strong.
On-chain volumes have continued to outperform those of competitors, with Solana processing $108 billion in decentralized exchange (DEX) volume over the past 30 days. This is ahead of Ethereum's $63.7 billion and Base's $31.48 billion. The platform also generated $3.1 million in app revenue versus Ethereum's $2.95 million.
Analysts point to potential support clusters, including a 0.75 Fibonacci retracement zone between $60 and $70, which could indicate a bottom for the price. Additionally, a weekly demand fair value gap (FVG) between $22 and $29 may provide further support for SOL's price.
The structure of SOL's price remains capped, with the token trading below its weekly resistance level of $120. However, the continued network activity and revenue metrics suggest that the cryptocurrency may be undervalued and due for a potential return to its previous price levels.