Solana (SOL) is consolidating near resistance as weakening momentum leaves its next move uncertain. The broader price structure remains constructive, with a potential continuation if buyers regain control. Meanwhile, rising on-chain activity points to stronger network usage across DeFi, trading, transfers, and applications, supporting the ecosystem’s continued expansion.
As of now, according to CoinMarketCap data, Solana is trading at $120.73, down 0.75% over the past 24 hours and up 1.18% over the past week.
Solana Price Faces $120.80 Resistance as Momentum Weakens
Crypto analyst More Crypto Online noted that Solana is facing resistance around $120.80, a level that aligns with the 161.8% Fibonacci extension and falls within a broader target zone. The SOL price has moved sideways for roughly a week, suggesting traders are waiting for a stronger move before the next directional phase.
The current structure indicates that Solana’s advance from the September 16 low may not yet be complete. Under the outlined scenario, the move has developed in three waves so far, leaving room for a fourth-wave pullback followed by a fifth wave that could complete the larger first wave.
Momentum has gradually weakened during the consolidation, but the limited size of the pullback keeps the bullish structure intact. If buyers regain control above the current resistance, Solana could make another attempt at $127.70 before potentially extending toward the $133 target.
Once the five-wave advance is complete, the broader structure could enter a three-wave Wave 2 correction. Such a pullback would be expected to establish a higher low, potentially providing the next foundation for Solana’s broader upward move if support remains intact.
Solana Records 14.2 Billion Non-Vote Transactions in Q3
Solana recorded a new quarterly transaction milestone in Q3, processing approximately 14.2 billion non-vote transactions, according to Blockworks data. The figure represents a 45% increase from the previous quarter and highlights growing activity across the network.
The surge indicates that Solana’s transaction growth extends beyond validator voting activity. Non-vote transactions capture user- and application-driven activity, including transfers, decentralized exchange interactions, and other on-chain operations, making the metric useful for assessing network usage.
Blockworks data shows that transaction activity has increased sharply through 2026, with Q3 reaching the highest level on the chart. Solana’s quarterly total also reflects broader participation across categories such as spot DEX activity, trading, perpetuals, asset transfers, and gaming.
The latest record strengthens Solana’s position among the most active blockchain networks by transaction volume. Continued growth across several transaction categories could support the network’s expanding DeFi, trading, and application ecosystem as developers and users generate more on-chain activity.
