Solana Price Faces New Risk Despite Growing On-Chain Adoption
Solana (SOL) value trades close to $106 after a roughly 15% pullback from its late-September high. The each day chart now reveals a doable head-and-shoulders sample that might put $80 in play.
The weekly chart and on-chain information look more mixed. Fund buyers are exiting by means of ETFs, whereas asset managers and particular person customers hold constructing on the community.
Daily Chart of Solana Price Flashes a Head-and-Shoulders Risk
Solana’s each day chart nonetheless prints increased highs and better lows. Yet a bearish head-and-shoulders sample could also be forming inside that uptrend.
The left shoulder shaped close to $111 in late August. The head peaked close to $125 in late September, after sellers rejected the value on the $120 resistance zone.
The proper shoulder may take form on the 0.618 Fibonacci stage close to $115. Contracting quantity since August helps the bearish studying.
A each day shut under the neckline close to $100 would verify the sample. The measured transfer factors to the $80 help zone, about 25% under the present value.
The Relative Strength Index (RSI) sits at 44 and is rising. However, the bounce might solely be a retest of the RSI downtrend that started in August.
Weekly Chart Keeps the Bullish Case Alive
One market analyst sees a doable cup-and-handle sample, a traditional bullish reversal formation.
Key resistance sits between $125 and $130. A confirmed breakout above that zone may open a path towards $215 to $220, roughly 65% increased.
In that situation, the present pullback would kind the deal with. A transfer above $130 would additionally invalidate the each day head-and-shoulders.
ETF Investors Head for the Exit
Glassnode information reveals the cash behind each latest rallies. US spot SOL ETF inflows topped 200,000 SOL per day on a 7-day common.
These waves got here in late August and late September, matching the left shoulder and head. The move reversed after the early October rejection.
The 7-day common has since dropped to round minus 40,000 SOL per day. That is roughly $4.2 million, the deepest studying of 2026.
Institutions and Individuals Stay On-Chain
Tokenized real-world belongings (RWA) on Solana, excluding stablecoins, complete about $4.4 billion.
That determine has roughly doubled since early May. It sits just under its late-September peak regardless of SOL’s correction.
BlackRock and State Street are among the many issuers. These belongings are dollar-denominated, so their worth displays community utilization relatively than demand for SOL.
Individual adoption is rising as properly. Solana says 1.4 million addresses now maintain tokenized shares on the community.
Solana Price Levels That Could Decide the Next Move
A each day shut under $100 would favor the bears and the $80 goal.
A sustained transfer above $115 would weaken the head-and-shoulders. A weekly breakout above $130 would hand management to the bulls.
The Alpenglow improve, scheduled for Oct. 21, may act as a near-term catalyst. Developers count on it to chop transaction finality to round 150 milliseconds.
ETF flows level a technique, and on-chain adoption factors the opposite. Which sign carries extra weight is for every reader to guage in opposition to these ranges.
The put up Solana Price Faces New Risk Despite Growing On-Chain Adoption appeared first on BeInCrypto.