Solana price falls below $190: Is a new rally in 2025 possible?

The Solana Network briefly saw its price drop below the $190 mark during a general correction in the crypto market. While the decline seems concerning, on-chain data points to strong network activity. This could indicate that the SOL price could rally again in 2025, despite the current bearish trend.

Solana Price Analysis: Support at $190

Currently, the Solana (SOL) price is trading at $191.52. Since January 6, the price has fallen 23% from a local peak of $220. The $190 mark now acts as a crucial support level. Historically, the price zone around $200 has offered strong resistance, which is a major concern for investors. Should SOL remain above this level, it could form the basis for a new uptrend.

Solana network activity continues to grow

Despite the price drop, the Solana network continues to show strong growth. On-chain data from Glassnode reveals that the number of active users on the network has increased significantly. Since the end of December, the number of active addresses has increased by almost 20%, from 10.33 million to more than 12.3 million.

Memecoins stimulate network activity

A key driver behind this growth is the popularity of memecoins on the Solana network. These tokens are massively traded, and new memecoins appear daily, further increasing activity. This has a positive impact on the SOL price, as more network activity leads to greater demand for SOL tokens.

What can we expect?

While the recent price drop is a concern, growing network activity and the popularity of memecoins show that there is potential for another rally in 2025. Crucially, the SOL price remains above the $190 support level to prevent further downside pressure.

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