Solana experiences a pullback, bullish pressure tested

On January 29, due to the Federal Reserve's decision to maintain interest rates at 4.25%–4.50%, macroeconomic uncertainty has risen again. The price of Solana (#sol ) experienced a pullback, falling from an opening price of $125.34 to a low of $115.39, a daily drop of about 8%. Although the price drop is significant, there is still a chance for a rebound in the short term. If the trading activity on decentralized exchanges (DEX) can translate into token buying, the SOL price may surge to $135.

Solana DEX activity leads similar networks

Data shows that #solana the on-chain trading volume in the past 24 hours has approached $4 billion, far exceeding Ethereum's $1.74 billion, BNB Chain's $1.68 billion, and Base Network's $1.16 billion. At the same time, the number of active wallets has also surged, with over 2.7 million wallets participating in on-chain operations this week. This wave of trading frenzy has largely been driven by meme coins, demonstrating that the Solana network's transaction throughput has withstood high-intensity testing.

SOL needs to be repriced

In the past 12 months, SOL's price has dropped nearly 50%, and it has not recovered since its peak of $294 in January last year. Multicoin Capital analysts believe that considering Solana's efficient payment technology, low transaction fees, and good user experience, its fair valuation should be at least twice the current price. Solana founder Anatoly Yakovenko also stated: 'What we care about is whether the protocol can create and deliver consumer value, which will ultimately translate into future cash flow.'

Technical pressure remains evident

From the daily chart, Solana's price is still in a downward structure, and the recent rebound seems more like a correction than a new trend. The current price hovers around $116–117, which has become a key support level. If SOL closes below $116, it may drop to $110, and accelerated selling could further drive the price down.

At the same time, the resistance in the $133–135 area remains strong, which is the first hurdle that short-term bulls need to overcome. To achieve a real rebound, bulls not only need to reclaim the 50-day moving average but also require volume support to push the price above $134; otherwise, the higher targets of $156–162 will still be difficult to achieve.

The return of meme coins boosts the Solana ecosystem

It is worth noting that this round of Solana's trading frenzy is not just about price fluctuations but is accompanied by real on-chain activity. With Memecoins becoming active on the Solana network, staking yields have reached up to 70%, and investor participation has significantly increased. This means that SOL is under pressure not only in terms of short-term pricing but also shows potential in the growth of the ecosystem and revenue conversion.

In other words, although Solana's current pullback is painful, it is also testing the network's capacity and funding resilience. The growth in DEX trading volume and active addresses indicates that the network's scalability and resilience remain strong, laying the foundation for a potential rebound in the future.

Summary

Solana's recent pullback reflects macro interest rate uncertainty and short-term market panic, but the activity in DEX and meme coins indicates that the network itself remains healthy. The short-term price tests support around $116, and if bulls want to counterattack, they need strong trading volume and to break through the resistance level of $134. Regardless of price fluctuations, the Solana ecosystem is accumulating real trading value and network resilience, laying the foundation for medium to long-term development.#加密市场回调