Solana Faces Resistance as New Addresses Decline

Solana's price hovered around $90, facing challenges in reaching the $100 mark. According to NS3.AI, the number of new addresses decreased from approximately 8.6 million per day in early March to about 6.5 million by late March, marking a decline of around 21%. This reduction in new addresses has been a significant factor in the price struggle. Additionally, the article highlighted a bearish divergence in the Chaikin Money Flow indicator, suggesting potential downward pressure on Solana's price. Resistance levels were identified between $96 and $100, further complicating upward movement. The Coin Days Destroyed metric, which had spiked on March 5, has since returned to normal levels, indicating a stabilization in long-term holder activity. These factors combined present a cautious outlook for Solana's immediate price trajectory.