Solana slips below $120 as launchpad activity, USD1 and GhostSwap show revival

Solana (SOL) has dropped below $120 amid continued capital outflows, even as ecosystem activity shows signs of revival. On January 27, 2026, daily active addresses on Solana launchpads topped 300,000 for the first time in months, according to CryptoRank.io. Analysts say SOL falling under $120 is a bearish signal.

The article notes the completion of a large head-and-shoulders pattern that has been forming since 2024 could point to a potential decline toward the $50 zone, though SOL could also form a long wick and rebound once demand returns. Across the wider network, daily active addresses have climbed to about 4.4 million, up 16% from the end of last year.

Launchpad trading volume is approaching $200 million and newly launched tokens have reached roughly 44,000 per day; rising real user participation typically increases demand for SOL because it is needed to pay transaction fees. Stablecoin growth on Solana is another potential support.

According to DefiLlama, USD1’s total market capitalization topped $5 billion, with more than $610 million circulating on Solana and monthly market-cap growth on Solana near 300%. The article cites a crypto investor, Aman, on USD1’s rapid growth and notes Mello, Solana Ecosystem Lead at World Liberty Financial, has promised to make USD1 the most useful stablecoin on Solana.

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