• Solana price faces rejection by the weekly resistance at $183.88, but maintains the bullish bias.
• On-chain data shows that SOL's active wallets are increasing, signaling a growing ecosystem and user engagement.
• A daily candlestick close below $133.92 would invalidate the bullish thesis.

Solana (SOL) price encountered resistance at the weekly level of $183.88 and is currently trading 2% lower around $175 on Tuesday. On-chain data indicates a rise in active wallets for SOL, highlighting an expanding ecosystem and heightened user engagement, potentially leading to a rally in the coming days.

 Solana price shows potential for a rally

Solana price broke above a descending trendline – drawn from March highs – on July 19, leading to a 9% rally over the following two days. Currently, SOL faces resistance at the weekly level of $183.88 and is undergoing a corrective pullback. At the time of writing, trades down 2.2% at $174.93.

For investors seeking buying opportunities, the $155.22 support level presents a strategic entry point. This level aligns with the 50% price retracement level from the swing low of $121 on July 5 to the swing high of $185.13 on July 21, as well as trendline support and the daily support level. Therefore, $155.22 serves as a critical zone for potential price reversals.