Solana (SOL) enters the beginning of February under clear pressure: the price has dropped nearly 30% over the past 30 days and continues to fluctuate within a weakening downward channel. As long-term holder confidence diminishes, the price continues to slide closer to the lower edge of this structure.
On the on-chain data side, the picture also remains bleak, with decreasing transaction volumes and declining network activity indicating waning interest from investors. The number of active addresses has fallen steadily, and the total value locked (TVL) in Solana-based protocols has decreased significantly, reflecting a loss of confidence in the ecosystem.

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Furthermore, the network's security metrics show increased signs of stress, with a rise in validator downtime and a higher rate of missed blocks. These indicators suggest that the network's stability is under threat, which could further undermine investor confidence.
In terms of market sentiment, social media analysis reveals a growing prevalence of bearish discussions and negative outlooks among community members. This collective sentiment is likely to exert additional downward pressure on the price.
Overall, both on-chain data and market sentiment point toward a challenging period ahead for Solana, with continued risk of further declines unless there is a significant change in market dynamics or positive developments within the ecosystem.