Solana Price Faces Brief Correction Post Recent Rebound

• At the time of writing, SOL is trading at $98.54, down 3.51% in the last 24 hours.
• If the price manages to go below $93.4 level, then it will likely test $90.9 support level.

A record number of unique addresses were formed on the Solana network in January, indicating an increase in new users, according to The Block’s statistics dashboard.

As per reports, around 11.81 million new Solana addresses were established over the month. Comparatively, the network logged 10 million new addresses in December, thus this was an increase of 18%.

Before releasing its new smartphone, Solana (SOL) has started taking pre-orders and informed its community members of an enormous incentive activity happening next week. Solana Mobile claims that pre-order customers who are on the waiting list for the second phone version will get a variety of goodies, including NFTs, as an incentive.

With the recent statistics showing that Solana-based DEXs have surpassed Ethereum in a critical parameter, the Solana (SOL) community is feeling optimistic. The daily trading volume of Ethereum has been surpassed by Solana-based decentralized exchanges (DEXs), according to statistics from DeFiLlama. The $1.14 billion trading volume on Solana during the last 24 hours is higher than the $1.133 billion trading volume on Ethereum DEX.

Minor Correction Underway

However, despite the recent advancements, the price of Solana has been facing minor correction. At the time of writing, SOL is trading at $98.54, down 3.51% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 21.57%. 

If the price manages to go below $93.4 level, then it will likely decline further to test $90.9 support level. On the other hand, if the price manages to go past $102 level, then it will likely test $106 resistance level.