Solana (SOL) Price: Network Metrics Remain Strong Despite Market Selloff

TLDR

• Solana leads all blockchains in DApp revenue with $4.81 million in 24 hours and DEX volume at $3.86 billion
• Solana ETFs recorded 12 consecutive days of inflows totaling $369 million with $18.1 million added recently
• SOL price trades around $153 after declining below the $150 support level with a 2% drop in 24 hours
• Key resistance sits at $160 with potential targets at $170 and $180 if bulls regain control
• Technical indicators show RSI at 36 approaching oversold territory while MACD signals bearish momentum

Solana has maintained its position as the top blockchain for decentralized application revenue and trading activity. The network generated $4.81 million in DApp revenue over the past 24 hours.

This figure puts Solana ahead of other major chains. Hyperliquid L1 came in second place with $3 million in revenue. Ethereum earned $1.86 million during the same period.

The blockchain also dominates decentralized exchange volume. Solana recorded $3.86 billion in DEX trading activity. BSC and Ethereum followed with $3.58 billion and $2.71 billion respectively.

Base processed $1.42 billion in volume. Arbitrum handled $695.82 million in trades.

Solana ETF Inflows Continue Growing

Investment products tracking Solana have seen consistent demand. The ETFs recorded their 12th consecutive day of positive inflows. The most recent addition brought in $18.1 million.

Total cumulative inflows have reached $369 million. This trend shows growing institutional interest in the cryptocurrency.

The steady flow of capital into Solana ETFs comes as the broader crypto market faces selling pressure. Bitcoin trades around $101,000 while other major cryptocurrencies have posted losses.

Current Price Action and Technical Levels

Solana currently trades at $153 after a 2% decline in the past 24 hours. The price fell below the $150 support level that had previously held firm.

The Relative Strength Index sits at 36. This reading indicates the asset is nearing oversold conditions. The MACD indicator shows bearish momentum with decreasing histogram bars suggesting weakening selling pressure.

Price action faces resistance at $160. A break above this level could open the path toward $170. Further gains might push the price to $180 in the medium term.

Support exists at $150 with additional backing at $145. A drop below these levels could send the price toward $140 or lower. The $142 zone serves as immediate support on the downside.

The 100-hourly simple moving average currently sits above the current price. A bearish trend line has formed with resistance at $148. The main resistance level remains at $160 which aligns with the 61.8% Fibonacci retracement.

SOL declined from a recent high of $172 to a low of $141 before the current consolidation.

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