Solana price doubles as network activity crashes: analysts warn of bearish divergence

Solana (SOL) experienced a sharp increase exceeding 100% in price, reaching over 200 USD. However, active addresses on the network have plummeted by over 80% in the past four months, presenting a classic bearish divergence, according to analysts.

Analysts from Santiment warn that historical divergence patterns suggest a 90% chance of a market downturn. While overall sentiment around Solana remains optimistic due to ETF strategies, the lack of underlying network activity raises concerns regarding price sustainability.