I just noticed that SOL is in a quite critical position on the chart. The head-and-shoulders pattern formed since the end of 2023 is still clearly visible, and the price now at $84.94 is far below the right shoulder which was once at $250. Looking at the technical forecast chart, there is still potential for a deeper fall toward the Fibonacci 78.6% level around $70. The indicators like RSI and MACD are also still bearish.

What’s interesting is that interest in futures continues to decline—SOL open interest has dropped to $6.35 billion from $8.82 billion last month. The funding rate remains negative, meaning traders are still pessimistic about the future price. Liquidations have also increased drastically this month. From a technical forecast perspective, all signals point in the same direction: more price pressure in the near future.

But there’s one interesting thing—network activity on Solana has surged by 72% with 100 million active addresses. Transactions also increased by 36% over the past month. So despite the price being under pressure, the network fundamentals remain strong. This creates a bit of a contradiction—price forecast charts point to bearishness, but network adoption continues to grow.