Despite a recent pullback, Solana price remains resilient above $220 as the ecosystem reaches a milestone.
Summary
- Solana price is currently trading around $220 and showing signs of consolidation after a brief decline.
- The RSI at 51.66 indicates neutral market conditions, while the MACD indicates possible weakening bullish momentum.
- The asset may rise to $230-$240 if it holds above $220, with key support around $200.
- Solana’s Total Value Locked (TVL) recently reached a new peak of $42.4 billion.
The Solana price has been under pressure in recent days, reflecting broader market sentiment. The token has consolidated around the $220 region, and although it briefly fell below this level, it has managed to remain stable in the region.
At the time of writing, Solana (SOL) is trading at $218.02, down 3.8% from the day before. Meanwhile, the RSI stands at 51.66, indicating a neutral market.
The fact that the RSI is above 50 indicates a lack of strong bearish momentum, offering hope that the price can stabilize and resume its rally as buying pressure increases. The MACD shows a slight increase in bullish momentum, although the histogram shrinks, indicating a possible weakening of the uptrend. A bearish crossover in the MACD and falling volume indicate a deeper pullback may be in store.
Solana’s price is still at a critical juncture. Sustained price above $220 could push SOL towards $230 and $240, but if the price falls further, support at $200 could come into play.
Solana’s price remains stable while TVL reaches a new peak
Although the Solana price is facing some resistance, the ecosystem itself is showing impressive growth. According to facts 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 issued large amounts of USDC stablecoins on the network. On-chain data shows that 50% of all USDC transfers occur through Solana, underscoring a strong preference for the network.
Solana’s rising TVL demonstrates the growing adoption of applications built on the network, further strengthening Solana’s role as a major player in the blockchain space. Meanwhile, investors are keeping an eye on the US SEC’s upcoming decision on Solana ETF applications on October 10.
Issuers awaiting the watchdog’s ruling include Grayscale, VanEck, Fidelity, 21Shares and Franklin Templeton. A positive ruling could increase the price of SOL and support further growth of the ecosystem.
