TLDR

  • SOL reached a bottom at $80.29 following declines through the $88 and $85 price levels
  • Immediate resistance appears at $85.50 where a bearish trend line forms on the hourly timeframe
  • Solana exchange-traded funds saw $24 million in net capital inflows during the week, though the period closed with consecutive withdrawal days
  • Derivatives Open Interest climbed 1% to reach $5.01 billion, while traders saw $15.52 million in long position liquidations within 24 hours
  • Solana’s RWA wallet count has surpassed Ethereum’s total, though Ethereum maintains dominance with $15.5 billion versus SOL’s $1.8 billion in tokenized asset value

Solana experienced substantial downward pressure throughout the previous week, touching a bottom at $80.29 before mounting a modest recovery attempt. Current trading occurs beneath the $85 mark and below the 100-hour simple moving average.

Solana (SOL) Price
Solana (SOL) Price

The decline materialized after SOL proved unable to maintain ground above the $90 threshold. The asset penetrated support zones at $88 and $85 before establishing its recent base around $80.

Current hourly chart analysis reveals a bearish trend line positioned at $85.50, representing the primary near-term obstacle for upward movement. The 50% Fibonacci retracement level from the latest selloff appears at $87.20, while more substantial resistance emerges at $88.80.

A decisive break above $88.80 would open the path toward $95, with extended targets reaching $102. Conversely, failure to defend $80 would expose support zones at $72, followed by $65.

Monday’s session brought approximately 2% gains following four consecutive days of declining prices. The broader momentum structure remains weighted toward sellers, with SOL trading beneath its 50-, 100-, and 200-day exponential moving averages.

The Relative Strength Index registers at 43, positioned below the neutral 50 threshold. The MACD histogram displays contraction, indicating diminishing bullish momentum.

United States spot Solana exchange-traded funds maintain approximately $800 million in SOL holdings. Cumulative net inflows reached $957 million through Friday, demonstrating that institutional participants largely maintained their positions during recent price weakness.

Source: SoSoValue

The previous week generated $24 million in net capital inflows. However, the closing two trading sessions produced outflows totaling $5.23 million and $8.23 million.

Market observers attribute the end-of-week redemptions to broader market strain connected to ascending oil prices and heightened geopolitical uncertainty.

Open Interest across SOL derivatives products expanded 1% over a 24-hour window to $5.01 billion. The funding rate improved from -0.0161% to -0.0006%, suggesting reduced bearish positioning among derivatives traders.

Despite this improvement, $19.79 million in leveraged positions faced liquidation during the same timeframe. Long positions accounted for $15.52 million of these forced closures.

Solana Surpasses Ethereum in RWA Wallet Adoption

Solana now records 154,942 wallets containing tokenized real-world assets, exceeding Ethereum’s count of 153,592. This marks the inaugural instance of Solana leading Ethereum in this particular metric.

The expansion stems predominantly from retail market participants acquiring tokenized equity shares of corporations including Tesla and Nvidia through Solana’s minimal transaction fee infrastructure.

Ethereum maintains dominance in tokenized RWA valuation at $15.5 billion compared with Solana’s $1.8 billion. Ethereum additionally supports 663 distinct tokenization initiatives versus Solana’s 345 projects.

Major financial institutions including BlackRock and Fidelity deploy Ethereum for offerings such as tokenized Treasury securities and money market instruments. Solana has attracted selected institutional implementations from BlackRock, though the platform’s RWA activity remains concentrated among retail users.

The immediate support level for SOL appears at $78.35, representing the final significant floor before $67.50, established by the February 6 bottom.