Solana price is hovering around $122.6, down roughly 3.2% on the day. Turnover jumped hard, rising 267.6% to about $5.99 billion over the last 24 hours, while market cap eased to $69.37 billion. Price is sitting back inside a support area that has been tested multiple times since 2024, at a moment when risk appetite across crypto continues to thin out.
SOL is still below its 7-day SMA at $127.13 and the 30-day SMA at $133.44, leaving the short-term trend pointed lower. Price is also stuck beneath the full stack of short-, medium-, and long-term moving averages, from the 10-day through the 200-day, with each one still in sell territory.
The gap to the 200-day EMA at $157.17 and the 200-day SMA at $171.51 highlights how far the SOL price has slipped from its longer-term path.
RSI is hovering near 33.21. Sellers remain in control, but momentum has not pushed into deeply oversold conditions below 30. In practical terms, sellers remain in control, and buyers face little technical pressure to step in aggressively.
Cryptocurrency analyst LaCryptoLycus points out that SOL has returned to the same macro support zone that has held since 2024. He draws a parallel to mid-2022, when the price bounced briefly from a similar area before rolling over and trapping late longs. From his perspective, a clean failure here increases the risk of a move below $100.
Beastlorion is more blunt, calling SOL one of the weakest-looking large-cap charts and noting that a broader market breakdown could drag price toward the $30–$40 region.
At the moment, buyers are still active at current levels. The chart, however, remains heavy. Until SOL regains key short-term averages and momentum cools on the downside, the path of least resistance stays lower.
Solana Network Growth Expands as Market Turns Risk-Off
Fundamentals remain constructive beneath the weak price action. Solana’s daily active users have climbed from roughly 3 million to about 5 million since the start of 2026.
At the same time, Solana’s RWA ecosystem has surpassed $1 billion in market cap excluding stablecoins. Staking has also reached an all-time high, with roughly $60 billion in SOL secured and the staking ratio at 70%.
The Solana Foundation highlighted several early-2026 launches, including Ondo Finance’s Global Markets offering more than 200 tokenized U.S. stocks and ETFs, Coinbase’s Solana integration for direct token trading via Jupiter DEX in the U.S. and Brazil, Kamino adding USD1 stablecoin support, and FunctionBTC introducing wrapped Bitcoin yield products. Network growth is up 67% since January, driven by memecoins and new applications.
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