Solana is testing investor confidence as SOL price falls back to key support levels, even as the network continues to expand across multiple fronts. After briefly rising above $147 earlier this week, the token failed to maintain its gains and is now trading below $145.
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The pullback comes at a time when Solana is seeing increasing institutional interest, increasing adoption of real-world assets and new user-centric initiatives, creating a contrast between short-term pricing pressures and longer-term ecosystem growth.
SOL's price moving sideways on the daily chart. Source: SOLUSD on Tradingview
SOL price tests critical support zone
SOL has entered a short-term correction after failing to break the USD 150 resistance area. The price fell below the $146 and $145 levels and moved below the 100-hour simple moving average. On the other hand, technical analysts are looking at the $141-$140 zone, where a bullish trendline and Fibonacci support meet.
If the SOL Award breaks below $140, the next support is near $132, with further downside risk towards $124. On the upside, resistance remains around $146 and $148. A confirmed move above $148 could open the door for a retest of $155 and possibly $162.
Momentum indicators reflect cautious sentiment. The hourly RSI remains below 50 and the MACD continues to show bearish pressure. Despite healthy trading volume of around $5 billion in 24 hours, SOL is still down about a third from its price a year ago and well below its previous peak of almost $293.
Regulatory developments and Solana ETF inflows
In addition to price action, US regulatory news could impact Solana’s medium-term prospects.
The bill known as the “Clarity Act,” released by the Senate Banking Committee, proposes to reclassify certain exchange-traded cryptocurrencies as “non-incidental” assets starting in 2026. This would relax some SEC disclosure requirements for assets like SOL.
If the proposal passes, Solana could be placed in a similar regulatory category to Bitcoin and Ethereum, potentially improving institutional access. The first signs of interest are already visible.
American spot on January 15 Solana ETFs recorded $23.57 million in net inflows, the highest in four weeks. However, ETF assets still represent only about 1.5% of SOL’s market capitalization, limiting their immediate impact on price.
Network growth exceeds price momentum
While the SOL price is struggling, Solana’s network continues to expand. In 2025, the blockchain handled $1.6 trillion in trading volume, accounting for approximately 12% of the crypto market. The DeFi ecosystem remains anchored by platforms like Jupiter, Raydium, Orca, and Kamino, with TVL holding steady at around $11.5 billion.
A major milestone came when Solana’s real-world asset (RWA) ecosystem reached a record valuation of $1.15 billion, powered by tokenized US government bonds, equities and institutional funds. This indicates a growing use of Solana as a settlement layer for traditional assets.
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User engagement initiatives are also expanding. Solana’s Seeker Phone introduces a major SKR token airdrop to over 100,000 users, while Interactive Brokers has enabled 24/7 USDC deposits via the Solana network, increasing access for global traders.
Cover image of ChatGPT, SOLUSD chart from Tradingview