Solana SOL$195.85 steadied near $195–$196 after a quick slide through $200 was absorbed around $195.
The Bitwise Solana Staking ETF (BSOL) began trading Oct. 28; Bitwise said first-day trading volume was $55.4M with $217.2M AUM, targeting 100% staked exposure and seeking to maximize around 7% average staking rewards.
Grayscale Solana Trust ETF (GSOL) is expected to start trading Oct. 29 on NYSE Arca, offering exposure to SOL including potential staking rewards.
Technical analysis highlights
The following is based on CoinDesk Research's technical analysis data model.
- Performance: SOL up 0.78% at $195.58, underperforming the broader crypto market by 2.33 percentage points.
- Path and range: Fell from $201.03 to $195.34, then rebuilt toward $195.58; earlier lower highs at $204.11 and $203.12 show sellers leaning on rallies.
- Volume picture: Overall volume 44% below seven-day average; during the $200 breakdown, trades spiked to 2.56M (about 130% of the 24-hour average 1.02M).
- Capitulation check: Report notes a recovery from a $195.10 low, framing it as a capitulation-style dip that found bids.
- Stablecoin backdrop: Solana stablecoin market cap hit $16.25B on Oct. 14, up around 200% YTD from $5B, suggesting deeper DeFi liquidity.
What the patterns mean
- Range with softer peaks: SOL is boxed between $194 and $203 while making slightly lower highs; that tells you rallies have been fading before clearing the prior top.
- Why the $200 slip mattered: Round numbers cluster orders; dropping under $200 helped trigger the 2.56M volume burst. Catching near $195 shows buyers still engage at nearby support.
- With volume below the seven-day average, conviction was muted, which helps explain the underperformance even with ETF headlines.
Support vs. resistance: the map
- Support (floor): $194–$195 first; if it fails, the report flags $188–$180 as the next area.
- Resistance (ceiling): $196.50–$197.00 nearby; then the $200 round number; above that, $203.12.
Targets and risk framing
- If support holds: Room to revisit $196.50–$197.00, with a potential continuation toward $200. These are checkpoints, not promises.
- If support fails: $188–$180 are the next risk zones.
- Tactical lens: With consolidation and below-trend volume, many traders wait for a decisive break outside $194–$203 to judge momentum.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
