Key Takeaways
- SOL bottomed at $80.29 following a breakdown beneath critical $88 and $85 support zones
- Near-term resistance appears at $85.50 where a descending trend line caps upside movement on the hourly timeframe
- Last week brought $24 million in cumulative ETF inflows, though the week concluded with consecutive days of capital withdrawal
- Derivatives Open Interest expanded 1% reaching $5.01 billion, while traders saw $15.52 million in leveraged long positions eliminated within 24 hours
- For the first time, Solana surpassed Ethereum in wallet addresses holding real-world assets, though ETH maintains dominance in total RWA value at $15.5B versus SOL’s $1.8B
Solana experienced significant downward pressure throughout the previous week, plunging to $80.29 before mounting a modest recovery. Currently, the asset continues trading beneath both the $85 threshold and its 100-hour simple moving average.
The selloff intensified after SOL failed to maintain levels above $90. The cryptocurrency pierced through both $88 and $85 support barriers before establishing a temporary bottom near the $80 mark.
A downward-sloping trend line currently positioned at $85.50 dominates the hourly chart structure, functioning as the primary near-term ceiling. The 50% Fibonacci retracement level from the latest downward move rests at $87.20, while more substantial overhead resistance emerges at $88.80.
Should SOL successfully reclaim territory above $88.80, subsequent upside targets would include $95 followed by $102. Conversely, a move below $80 would expose lower support zones at $72 and subsequently $65.
Monday’s trading session brought approximately 2% gains for SOL following four consecutive sessions of decline. Nevertheless, the overarching technical picture remains negative, with the token positioned below its 50-, 100-, and 200-day exponential moving averages.
The Relative Strength Index registers 43, positioned beneath the neutral 50 threshold. Meanwhile, the MACD histogram shows contraction, signaling weakening upward momentum.
Mixed Institutional Sentiment in Solana ETF Activity
U.S.-listed spot Solana exchange-traded funds currently manage approximately $800 million worth of SOL tokens. Total cumulative net inflows reached $957 million through Friday’s close, indicating institutional participants largely maintained their positions throughout the recent price weakness.
The previous week recorded $24 million in aggregate net inflows. However, the final two trading sessions witnessed reversals, with outflows totaling $5.23 million and $8.23 million respectively.
Market observers attribute the late-week redemptions to wider market stress stemming from escalating crude oil prices and heightened geopolitical uncertainty.
Derivatives Open Interest for SOL contracts climbed 1% over a 24-hour period to $5.01 billion. Funding rates improved from -0.0161% to -0.0006%, suggesting diminished bearish sentiment among futures traders.
Despite this improvement, $19.79 million in aggregate positions faced liquidation during the same timeframe. Long positions accounted for $15.52 million of these forced closures.
Solana Achieves Milestone in RWA Wallet Adoption
Solana now boasts 154,942 unique wallet addresses holding tokenized real-world assets, eclipsing Ethereum’s count of 153,592. This marks the inaugural instance where Solana has outpaced Ethereum in this particular measurement.
This expansion stems predominantly from retail participants acquiring tokenized equity instruments representing companies such as Tesla and Nvidia through Solana’s economical transaction infrastructure.
Ethereum, nonetheless, maintains commanding leadership in total tokenized RWA value with $15.5 billion compared to Solana’s $1.8 billion. Additionally, Ethereum hosts 663 distinct tokenization initiatives versus Solana’s 345 projects.
Major financial institutions including BlackRock and Fidelity leverage Ethereum for offerings such as tokenized U.S. Treasury securities and money market instruments. While Solana has attracted select institutional deployments from BlackRock, the network’s RWA ecosystem remains predominantly retail-focused.
SOL’s immediate support foundation sits at $78.35, representing the final significant floor before $67.50, established by the February 6 session low.
