Solana (SOL) price analysis: Testing $80 support with resistance at $85.50. ETF outflows return while RWA wallet count overtakes Ethereum for first time. The postSolana (SOL) price analysis: Testing $80 support with resistance at $85.50. ETF outflows return while RWA wallet count overtakes Ethereum for first time. The post

Solana (SOL) Price Analysis: Can $80 Support Hold Against Mounting Pressure?

2026/03/09 16:32
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Key Takeaways

  • SOL touched $80.29 after breaking through critical support zones at $88 and $85
  • Immediate resistance appears at $85.50 where a bearish trend line has formed on the hourly timeframe
  • Despite $24 million in weekly ETF inflows, the final two trading sessions showed withdrawals
  • Derivatives Open Interest climbed 1% to reach $5.01 billion, while long liquidations totaled $15.52 million over 24 hours
  • The network surpassed Ethereum in wallet addresses holding RWAs, though ETH maintains a dominant $15.5 billion versus SOL’s $1.8 billion in total value

Solana experienced significant downward pressure throughout the previous week, plunging to $80.29 before mounting a modest recovery attempt. Current trading activity keeps the asset beneath the $85 threshold and the 100-hour simple moving average.

Solana (SOL) PriceSolana (SOL) Price

The decline materialized after bulls failed to defend the $90 level. SOL subsequently breached support at both $88 and $85 before establishing its recent bottom near the $80 mark.

Hourly chart analysis reveals a bearish trend line positioned at $85.50, currently serving as the primary near-term obstacle. The 50% Fibonacci retracement level from the latest selloff rests at $87.20, followed by more substantial resistance at $88.80.

Should SOL reclaim territory above $88.80, bulls would target $95 initially, with $102 representing the subsequent objective. Conversely, a breakdown beneath $80 would expose support zones at $72, followed by $65.

Monday’s session brought approximately 2% recovery following four consecutive days of declines. Nevertheless, the overarching technical picture remains negative. The token continues trading underneath its 50-day, 100-day, and 200-day exponential moving averages.

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

ETF Activity Reflects Market Uncertainty

United States-based spot Solana exchange-traded funds maintain approximately $800 million worth of SOL holdings. Total cumulative inflows reached $957 million through Friday, indicating institutional investors largely maintained their positions despite recent volatility.

Source: SoSoValue

The previous week registered $24 million in net positive flows. However, Thursday and Friday produced outflows of $5.23 million and $8.23 million respectively.

Market observers attribute the week-ending withdrawals to wider market headwinds stemming from escalating crude oil prices and mounting geopolitical uncertainty.

Derivatives market data shows Open Interest advanced 1% during a 24-hour period to $5.01 billion. Funding rates improved from -0.0161% to -0.0006%, suggesting decreased bearish sentiment among derivatives traders.

Despite this improvement, liquidations reached $19.79 million across the same timeframe. Long position eliminations accounted for $15.52 million of that total.

RWA Adoption Milestone Achieved

Solana now boasts 154,942 unique wallet addresses containing tokenized real-world assets, surpassing Ethereum’s count of 153,592. This marks the initial occurrence of Solana leading Ethereum in this particular measurement.

The expansion stems predominantly from retail market participants acquiring tokenized equity in corporations such as Tesla and Nvidia via Solana’s economical transaction fee structure.

Ethereum maintains dominance in total value locked, however, commanding $15.5 billion in tokenized RWA holdings against Solana’s $1.8 billion. The Ethereum ecosystem also accommodates 663 tokenization initiatives compared to Solana’s 345.

Major financial institutions including BlackRock and Fidelity leverage Ethereum for offerings like tokenized government securities and money market instruments. While Solana has attracted certain institutional deployments from BlackRock, its RWA ecosystem remains predominantly retail-focused.

SOL’s primary support level appears at $78.35, representing the final significant floor before $67.50, established by the February 6 low.

The post Solana (SOL) Price Analysis: Can $80 Support Hold Against Mounting Pressure? appeared first on Blockonomi.

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