- Trending
- Comments
- Latest
Solana’s price steadied below the $200 mark as traders slowly regained confidence following the recent crypto market crash. The token traded around $196 at press time up about 8% in the past 24 hours after dipping to a weekly low of $173 during the Oct. 10 market crash.
Despite this mild rebound, Solana remains 14% lower for the week and 19% down over the past month marking a 32% retreat from its January peak near $293 as the crash continues to weigh on sentiment.
Trading activity has slightly improved. Solana’s spot volume reached $12 billion in the last 24 hours, up 14% from the previous day. Derivatives activity also rose with futures volume increasing by 36% to $32.4 billion and open interest climbing 6%, according to CoinGlass data. This uptick shows that traders are gradually reopening positions and re-entering the market after the crypto market crash triggered widespread sell offs.
On chain data paints a more cautious outlook amid the ongoing crypto market crash. DefiLlama data shows Solana’s decentralized exchange volume has steadily declined since the downturn dropping from $8.37 billion on Oct. 10 to $6.43 billion on Oct. 11 and further to $5.84 billion on Oct. 12. Meanwhile, total value locked fell from $12.5 billion to about $10 billion before slightly recovering to just over $11 billion.
Despite the decline in DEX metrics Solana’s stablecoin market capitalization has grown by 8% in the last week to $16.2 billion. This suggests that much of the capital remains sidelined awaiting clearer signals before being redeployed a cautious stance typical after a crypto market crash.
Several upcoming developments may influence Solana’s next move as the crypto market crash stabilizes. Between Oct. 28 and Nov. 15, the U.S. Securities and Exchange Commission will decide on a possible spot SOL ETF. According to Polymarket, the odds of approval stand at 90%. A favorable decision could unleash institutional inflows worth billions similar to Ethereum’s performance after its ETF approval.
Additionally, the Alpenglow upgrade expected later this year aims to enable faster on chain trading by cutting transaction finality to about 150 milliseconds. Jump Crypto’s Firedancer validator client scheduled for public testing in late October is also expected to enhance network reliability and attract new decentralized finance liquidity once the crypto market crash subsides.
Solana remains in consolidation mode below the $200 resistance level as the effects of the crypto market crash linger. The relative strength index (RSI) at 43 signals neutral momentum, while short term moving averages between $210 and $220 continue to act as resistance zones.
Meanwhile, the 200 day and 100 day moving averages sit lower, offering longer term support around $186 and $198. To regain bullish traction, SOL must hold above the $185–$190 range and break through the $210–$220 resistance band. Failure to sustain support around $170–$180 could expose the token to deeper consolidation phases amid the broader market crash environment.
In summary, Solana’s price remains in a cautious recovery mode as traders assess fresh catalysts and on chain trends in the wake of the ongoing crypto market crash.
