SOL Falls to $104, Its Lowest Since January 2024

Price down, usage up

Solana closed out January looking like two different assets. On the chart, SOL fell to roughly $104, which crypto.news notes is its weakest level since January 2024 and a long way from the ~$300 peak. On the network, the numbers read like a bull market: 2.34 billion transactions over the last 30 days, a 33% increase, and active addresses up 67% in January to more than 98 million.

Fees tell the same story. Per the report, Solana generated about $26 million in network fees over 30 days, ahead of Ethereum's $14 million and BNB Chain's $19 million. Whatever is wrong with the price, it is not that nobody is using the chain.

• 2.34B transactions in 30 days (+33%)
• 98M+ active addresses after a 67% January jump
• $26M in 30-day network fees, above Ethereum and BNB Chain

The chart side of the argument

crypto.news flags a multi-year head-and-shoulders pattern on the weekly chart with a neckline near $109, now broken, and points to $70 — the 78.6% Fibonacci level — as the bearish measured target. Price is sitting below the 50-day and 100-day EMAs. The analysis attributes the slide to broad sector weakness, geopolitics and Federal Reserve leadership uncertainty rather than anything Solana did to itself.

What it means for degens

If you trade Solana meme coins, SOL's price is your denominator and your gas budget, but activity is your order book. Right now activity is holding up while the quote asset bleeds — which historically means fills stay decent and every winning trade still has to outrun the SOL drawdown to be a real win. Nothing here is advice, and a neckline is not a prophecy.