Solana Drops Below $184 as Fibonacci Levels Signal More Weakness

Solana breaks below $182.31 support targeting $178.88, $176.76, and $167.79 levels.

Grayscale says Solana is undervalued, reporting strong on-chain growth and $400 million in monthly transaction fees.

Over 500 apps and 1,000 developers are active on Solana, generating over $1.2 trillion in DeFi trading volume this year.

Solana’s price slipped below $184, breaking important support levels. Despite this, the network shows strong activity with growing apps, high fees, and rising institutional interest, keeping Solana in focus amid short-term weakness.

Solana Faces Technical Pullback After 9-Wave Surge

Solana’s price signals potential for further downside.Veteran trader Matthew Dixon noted that this pullback could offer a risk-reward opportunity. However, if support levels fail to hold it will open the door to further declines toward the 1.382 ($178.88), 1.618 ($176.76), and 2.618 ($167.79) Fibonacci extension levels

RSI is at 40.52 and it is continuing to drop, suggesting that momentum remains bearish. No signs of oversold conditions have appeared yet. If this trend continues, price may retest the $176–$172 range. A failure to hold this support could push SOL below $170.

Grayscale Labels Solana as “Crypto’s Financial Bazaar”

Grayscale Research has released a report stating that Solana remains undervalued despite strong fundamentals. The report says SOL’s market cap doesn’t fully reflect the blockchain’s performance and real usage.

Solana leads the market in active users, transaction volume, and network fees. According to Grayscale, the network generates over $400 million in fees per month. This shows growing demand for Solana’s on-chain services.

The report also mentions that nine public companies now hold around 2.5% of the total SOL supply. This indicates rising institutional interest in the project’s long-term growth.

Solana’s Growing Ecosystem And On-Chain Activity

Solana powers over 500 decentralized apps (dApps) across the DeFi, gaming, and infrastructure sector, making it the leading among Layer-1 blockchains when it comes to on-chain activity.

Top platforms like Raydium and Jupiter have played a big role in driving more than $1.2 trillion in total trading volume on the network. On average, Solana pulls in around $425 million in monthly fees,this number can vary depending on how much the network is being used.

Solana has super low fees and fast transaction speeds,which both users and developers find easy to work with. The ecosystem is also strong on the development side — with over 1,000 full-time developers building on Solana, it is second to Ethereum in active development.This growing activity shows strong demand and ongoing support from institutions.

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