Solana is feeling the weight of market hesitation again. After a strong run earlier this month, the Solana price has started to cool, slipping 3.1% to $219.82 in the past 24 hours. Traders appear to be treading carefully as the buzz around a possible Solana ETF approval meets a slowdown in on-chain activity.
For now, the conversation revolves around three main pressure points: fading user activity, the SEC’s ongoing delay on ETF approval, and repeated technical rejections around the $229–$230 resistance zone.
Even with network activity cooling, Solana’s total value locked is hitting new highs. According to Token Terminal, it has hit $42.4 billion across top projects like Jito, Kamino, and Jupiter. That’s an impressive feat in a period of slower user engagement.
It suggests that while short-term traders are cautious, big players and developers are doubling down. Liquidity from Circle, PayPal, and even BlackRock is flowing into Solana-based apps, hinting at quiet but steady institutional confidence in the network’s scalability and cost efficiency.
Contrarily, it is worth noting that on-chain data from CryptoQuant shows a gap between price and transaction volumes. This signals that speculative trading may be driving recent moves more than real network use.
Meanwhile, the ETF story continues to hang over the market. JPMorgan estimates potential $1.5B inflows if a Solana ETF launches, roughly one-seventh of ETH ETF inflows.
Coming to numbers, the market cap now sits near $120 billion, while trading volume has nudged up to $7.35 billion. This shows that investors are still active, just more cautious. That being said, price swings between $217.20 and $226.76 hint at uncertainty, with the coin still well below its $294.33 ATH.
From a technical view, the Solana price is struggling to break out. The $230 mark remains a wall, with price action stuck beneath key moving averages. This is a sign that momentum favors the bears for now. The RSI sits around 40, leaning toward weakness, and any slip below $211.78 could open the door to $200 support.
Solana is trading around $219.82, and the short-term trend looks bearish after failing to hold above $230.
It signals confidence from institutions and developers, but weaker user activity means short-term traders remain skeptical.
Market caution around ETF delays, lower network activity, and technical resistance are keeping the price under pressure.
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