Despite a recent pullback, Solana price remains resilient above the $220 mark, while the ecosystem reaches a milestone.
Summary
- Solana price is currently trading around $220, showing signs of consolidation after a brief decline.
- RSI at 51.66 suggests neutral market conditions, while MACD hints at a possible weakening bullish momentum.
- The asset may rally toward $230–$240 if it holds above $220, with key support around $200.
- Solana’s Total Value Locked (TVL) recently hit a new peak of $42.4 billion.
Solana price has been under pressure in recent days, reflecting the broader market sentiment. The token has consolidated around the $220 region, and while it briefly dipped below this level, it has managed to hold steady around the region.
At the time of writing, Solana (SOL) trades at $218.02, marking a 3.8% decline from the previous day. Meanwhile, RSI stands at 51.66, suggesting a neutral market.
The RSI being above 50 indicates a lack of strong bearish momentum, offering hope that the price could stabilize and resume its rally if buying pressure increases. The MACD shows a mild increase in bullish momentum, although the histogram is shrinking, pointing to a possible weakening of the uptrend. A bearish crossover in the MACD and declining volume hint that a deeper pullback may be on the horizon.
Solana’s price remains at a critical juncture. A sustained price above the $220 mark could push SOL toward $230 and $240, but if the price dips further, support at $200 might come into play.
Solana price steadies as TVL hits new peak
While Solana price faces some resistance, the ecosystem itself is showing impressive growth. According to data from Token Terminal, the Total Value Locked (TVL) on the Solana blockchain has reached a new peak of $42.4 billion.
The increase is largely driven by Circle, which has been minting large amounts of USDC stablecoins on the network. On-chain data shows that 50% of all USDC transfers take place on Solana, highlighting strong preference for the network.
Solana’s rising TVL shows the growing adoption of applications built on the network, further solidifying its role as a key player in the blockchain space. Meanwhile, investors are keeping an eye on the upcoming decision by the US SEC regarding Solana ETF applications on Oct. 10.
Issuers awaiting the watchdog’s verdict include Grayscale, VanEck, Fidelity, 21Shares, and Franklin Templeton. A positive ruling could push SOL’s price higher and support further ecosystem growth.
