Solana (SOL) is currently trading below a significant level that is being closely watched by many traders. The $190 mark has emerged as a critical support zone. If the asset fails to remain above this level, the prospect of upward movement towards $240 or $300 may be diminished.
As of this report, SOL's price is approximately $185, reflecting a 4% decline over the past 24 hours.
$190 Remains a Key Level
Aside from the recent decline, SOL has largely traded within a range between $180 and $210 over the past week. Analyst Ali Martinez has highlighted the importance of the aforementioned key support level, which is currently being tested.
Solana $SOL must hold $190 as support to have a chance at rebounding to $240 or even $300. pic.twitter.com/av5IE99Zw9
— Ali (@ali_charts) October 30, 2025
Currently, Solana is moving within an ascending channel pattern, with the $190 level coinciding with the lower boundary of this channel. Maintaining this support could facilitate a rebound, whereas a breach below it increases the likelihood of a descent towards $170. A projected path on the chart suggests a potential short-term dip below $190, followed by a subsequent bounce.
Technical Outlook Shows Weakness
The Relative Strength Index (RSI) currently stands at 42, indicating a slowdown in momentum. It remains below its average value of 44, which suggests continued downward pressure on the price. RSI values below 50 are generally interpreted as reduced buying interest.
Meanwhile, the MACD indicator is showing early signs of change. The MACD line is at -5, and the signal line is also at -5. The histogram is slightly positive, registering at 0.5. This configuration suggests that the trend may be beginning to shift, although there is no strong confirmation from price action at this juncture.
Futures Market Participation Grows
Open interest in Solana futures has reached $10.48 billion. This figure follows a recovery from recent lows near $180. Although this level is lower than the peaks observed during price rallies above $250, it indicates an increasing number of traders entering the market.
Despite this growth in participation, not all analysts share an optimistic outlook. Ted Pillows noted,
“Solana treasury companies are performing even worse than Ethereum treasury companies… I don’t see a way for Solana to rally until treasury companies start aggressive buying.”
This perspective suggests a current lack of substantial institutional demand.
ETF Launches Draw New Attention
Solana has garnered significant attention in the Exchange Traded Fund (ETF) sector. As CryptoPotato previously reported, the Bitwise Solana Staking ETF (BSOL) achieved $56 million in trading volume on its debut day. This volume represented the highest first-day trading volume among all 850 ETFs launched in the United States this year.
In a separate development, a spot Solana ETF has received regulatory approval in Hong Kong, as previously announced. These new investment vehicles are expanding access to Solana and are poised to attract capital from traditional markets in the future.