Solana (SOL) Price: $80 Support Is Holding — Here’s What the Charts Say

TLDR

• SOL hit a low of $80.29 after falling below key support levels at $88 and $85
• A bearish trend line sits at $85.50, acting as immediate resistance on the hourly chart
• Solana ETFs recorded $24 million in net inflows last week, but ended with two days of outflows
• Open Interest rose 1% to $5.01 billion, but $15.52 million in long positions were liquidated in 24 hours
• Solana has overtaken Ethereum in RWA wallet count, but Ethereum still holds $15.5 billion vs SOL’s $1.8 billion in tokenized assets

Solana fell sharply over the past week, dropping to a low of $80.29 before staging a small bounce. The price remains below $85 and the 100-hour simple moving average at the time of writing.

The drop followed a failure to hold above $90. SOL broke through the $88 and $85 support levels before hitting its recent floor near $80.

A bearish trend line now sits at $85.50 on the hourly chart. This is acting as the main short-term resistance. The 50% Fibonacci retracement of the recent decline sits at $87.20, with stronger resistance at $88.80.

If SOL breaks back above $88.80, the next targets would be $95 and potentially $102. If it falls below $80, the next support zones are $72 and then $65.

On Monday, SOL recovered around 2% after four straight days of losses. However, the broader trend remains bearish. The coin trades below its 50-, 100-, and 200-day EMAs.

The RSI sits at 43, below the neutral 50 midline. The MACD histogram is contracting, pointing to fading bullish momentum.

Solana ETF Flows Show Mixed Signals

US spot Solana ETFs currently hold around $800 million in SOL. Cumulative net inflows stand at $957 million as of Friday, showing institutional holders largely stayed put during the recent price drop.

Last week’s net inflow was $24 million. But the final two days of the week saw outflows of $5.23 million and $8.23 million respectively.

Analysts link the late-week outflows to broader market pressure tied to rising oil prices and geopolitical tensions.

Open Interest in SOL derivatives rose 1% in 24 hours to $5.01 billion. The funding rate improved from -0.0161% to -0.0006%, showing reduced bearish pressure from traders.

Still, $19.79 million in positions were liquidated in the same period. Of that, $15.52 million came from long positions being wiped out.

Solana Passes Ethereum in RWA Wallet Count

Solana has reached 154,942 wallets holding tokenized real-world assets, passing Ethereum’s 153,592. This is the first time Solana has led Ethereum in this metric.

The growth is driven largely by retail traders buying tokenized shares of companies like Tesla and Nvidia through Solana’s low-fee network.

Ethereum, however, still holds $15.5 billion in tokenized RWA value versus Solana’s $1.8 billion. Ethereum also supports 663 tokenization projects compared to Solana’s 345.

BlackRock and Fidelity use Ethereum for products like tokenized Treasury bills and money market funds. Solana has secured some institutional deployments from BlackRock, but remains primarily retail-driven in the RWA space.

SOL’s initial support level sits at $78.35, the last key floor before $67.50, marked by the February 6 low.

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