Solana (SOL) Price Analysis: Can $80 Hold as Key Support Level?

Key Takeaways

Table of Contents

Solana touched $80.29 as its recent bottom after losing crucial support zones at $88 and $85
Immediate upside resistance comes in at $85.50 where a bearish trend line is positioned on shorter timeframes
Last week brought $24 million in cumulative ETF inflows, though the final two sessions showed net withdrawals
Derivatives Open Interest climbed 1% to reach $5.01 billion, while long traders faced $15.52 million in liquidations over 24 hours
For the first time, Solana’s RWA wallet count exceeds Ethereum’s, though ETH maintains dominance in total value with $15.5 billion versus SOL’s $1.8 billion

Solana experienced significant downward pressure this past week, touching a bottom at $80.29 before mounting a modest recovery attempt. At present, the asset continues trading beneath the $85 threshold and its 100-hour simple moving average.

The selloff materialized after bulls couldn’t maintain ground above the $90 mark. Following this weakness, SOL surrendered both the $88 and $85 support zones before establishing its current base near $80.

Technical analysis reveals a descending trend line positioned at $85.50 on the hourly timeframe. This level represents the primary near-term hurdle for any recovery attempt. The 50% Fibonacci retracement from the latest decline appears at $87.20, while more substantial resistance emerges at $88.80.

Everyone Laughed When I Said Exit #Solana at $250 – That Laugh Cost Them -73%
Called the exit at $200-$250 when everyone was dreaming $1000.$SOL dumped 77% from $295 to $67. Exactly as I warned.
Now price has strongly bounced from the 0.50 Fib retracement and holding above… https://t.co/dO6qkKzIef pic.twitter.com/b4XtVPzPRQ
— Crypto Patel (@CryptoPatel) March 6, 2026

Should SOL successfully reclaim the $88.80 level, the subsequent upside objectives would include $95 and possibly $102. Conversely, a breakdown below $80 would expose support areas at $72 followed by $65.

Monday’s session delivered approximately 2% gains for SOL following four consecutive down days. Nevertheless, the overall momentum structure remains negative. The token is positioned below its 50-day, 100-day, and 200-day exponential moving averages.

The Relative Strength Index reads 43, sitting beneath the neutral 50 threshold. Meanwhile, the MACD histogram shows contraction, suggesting diminishing bullish momentum.

Mixed Performance in Solana ETF Activity

United States spot Solana exchange-traded funds collectively manage approximately $800 million worth of SOL tokens. Cumulative net inflows reached $957 million through Friday’s close, indicating institutional participants largely maintained their positions despite recent volatility.

The previous week delivered $24 million in aggregate inflows. However, the week concluded with consecutive outflow days totaling $5.23 million and $8.23 million.

Market observers attribute these late-week redemptions to wider financial market stress stemming from escalating crude oil prices and international geopolitical uncertainty.

Open Interest across SOL futures and options contracts expanded 1% during the past 24 hours, reaching $5.01 billion. Funding rates improved from -0.0161% to -0.0006%, reflecting diminished bearish sentiment among derivatives participants.

Despite this improvement, liquidations totaled $19.79 million within the same timeframe. Long position holders accounted for $15.52 million of these forced closures.

Solana Achieves Milestone in RWA Wallet Adoption

Solana now counts 154,942 individual wallets containing tokenized real-world assets, surpassing Ethereum’s 153,592. This marks the first instance where Solana has overtaken Ethereum in this particular category.

BREAKING: Solana flipped Ethereum in total RWA holders for the first time, according to @RWA_xyz 🤯 pic.twitter.com/cOQ4VezJn2
— Solana (@solana) March 7, 2026

This expansion stems predominantly from retail participants purchasing tokenized equity shares of corporations including Tesla and Nvidia via Solana’s cost-efficient infrastructure.

Ethereum maintains substantial advantages in other metrics, controlling $15.5 billion in tokenized RWA value compared to Solana’s $1.8 billion. Additionally, Ethereum hosts 663 distinct tokenization initiatives while Solana supports 345.

Major financial institutions including BlackRock and Fidelity utilize Ethereum for offerings such as tokenized Treasury securities and money market instruments. While Solana has attracted certain institutional deployments from BlackRock, its RWA ecosystem remains predominantly retail-focused.

SOL’s next critical support level appears at $78.35, representing the final major floor before $67.50, which corresponds to the February 6 low.