Solana (SOL) Aims for $300 with Essential Support Level
Solana faces a critical support line below $190, as analysts keep an eye on a target close to $300. The current market conditions could hinder potential gains.
Solana (SOL) Aims for $300 with Essential Support Level
Solana is trading below a key level, as the $190 mark has become a crucial support zone. If the price stays beneath this level, an upward trend towards $240 or even $300 might not be feasible.
As of now, Solana’s price hovers around $185, following a 4% drop in the last day.
$190 Remains a Key Level
Besides today’s plunge, SOL has predominantly stayed within a trading range this past week, fluctuating between $180 and $210. Analyst Ali Martinez pinpointed the significant support level currently being tested.
Solana $SOL needs to maintain $190 as support for a chance to bounce back to $240 or even $300.
source
— Ali @ali_charts on October 30, 2025.
Currently, Solana is moving in an ascending channel pattern. The $190 level coincides with the lower boundary of this channel. Holding this point could facilitate a rebound; however, dropping below it would raise the likelihood of a decline toward $170. The projected path implies a potential short-term dip beneath $190 followed by a recovery.
Technical Outlook Shows Weakness
The Relative Strength Index (RSI) is currently at 42, indicating diminishing momentum, remaining below its average value of 44, which reflects persistent pressure on the price. Generally, RSI figures lower than 50 suggest decreased buying interest.
Source: TradingView
Meanwhile, the MACD is displaying early indications of a shift. The MACD line stands at -5, while the signal line is also at -5, with a slightly positive histogram at 0.5. This setup suggests a potential trend change, though strong confirmation from price action is still lacking.
Futures Market Participation Grows
Open interest in Solana futures has surged to $10.48 billion, recovering from recent lows near $180. While this level sits below previous peaks witnessed during rallies exceeding $250, it indicates an influx of new traders into the market.
Source: Coinglass
Despite this increase, some analysts remain skeptical. Ted Pillows observed,
“Solana treasury companies are underperforming compared to Ethereum treasury companies… I don’t foresee a rally for Solana unless treasury companies initiate aggressive purchases.”
This suggests limited institutional demand currently.
ETF Launches Draw New Attention
Solana witnessed substantial activity within the ETF sector. As reported by CryptoPotato, the Bitwise Solana Staking ETF (BSOL) registered an impressive $56 million in trading volume on its first day, marking the highest day-one volume for any ETF launched in the U.S. this year.
Additionally, a spot Solana ETF has received regulatory approval in Hong Kong. These new investment products are broadening access to Solana and may draw capital from traditional markets going forward.
