Solana (SOL) is down at $221 at press time, down 3.9% in the past 24 hours after failing to hold above $230. The move follows a quick rebound from this week's high at $238 and a break below the 100 hourly moving average near $225.
In the near term, traders are watching $218-212 as the first support range (deeper bids near $210-215), while highs are around $230-235, with a heavier supply zone around $245-250.
If the bulls reclaim the $230 level on strong trading volume, momentum could retarget the $245 level; A daily close below $212 threatens to slide towards $200. Despite the decline, SOL continues to post higher lows in a multi-week trend, keeping the broader uptrend going.
SOL's price trends sideways on the daily chart. Source: SOLUSD on Tradingview
Solana's annual revenue of $2.8 billion supports core strength
Price aside, Solana's fundamentals are flashing green. A new analyst report counts $2.85 billion in annual on-chain revenue over the past year, or $240 million per month on average, peaking at $616 million in January during the memecoin craze.
Trading platforms are the flywheel, contributing 30% ($1.12 billion), with apps like Photon and Axiom sometimes bringing in $260 million in a single month. With fees below $0.01 and high throughput, Solana's revenue run rate has surpassed Ethereum's early cycle trajectory and coincides with 1.2-1.5 million daily active addresses.
DeFi metrics support the story; $13B in TVL, 6x YoY growth in stablecoin volumes, and over $500M in RWA token activity signal for perpetual, non-speculative use. Upcoming performance upgrades (e.g., Firedancer) aim to deliver significant gains in latency and throughput, strengthening the network's moat for high-frequency DeFi.
Institutional Access, SOL ETFs, and Q4 Preparation
Institutional engagement is also expanding on multiple fronts. Public balance sheets are said to contain $4 billion in SOL, while storage-enabled credit products and pending SOL ETF applications in the US (from issuers including Fidelity, VanEck, Grayscale, Franklin Templeton, 21Shares and Bitwise) could unlock the next phase of demand.
Many applications face October deadlines, and prediction markets hold back a very high probability of approval by the end of the year. In the near term, the price may remain volatile as leverage across cryptocurrencies resets, but Solana's revenue scale, user growth, and pipeline of upgrades provide a strong backdrop.
For traders, the roadmap is straightforward: hold between $218 and $212 to maintain the bullish structure; Flip to $230, then $245, to revive momentum. For long-term investors, multi-billion-dollar revenue and rising institutional bars keep the $300 debate alive once risk appetite returns.
Cover image from ChatGPT and SOLUSD chart from Tradingview
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