Solana (SOL) has broken back above the $90 price level, trading around $91–$92, marking a 5.64% gain over 24 hours. This recovery is supported by a significant seventh consecutive week of inflows into Solana-focused investment products, which totaled $17 million last week and have accumulated to $136 million over the seven-week period.
The broader context shows digital asset investment products attracted $230 million in total inflows last week, with Bitcoin leading at $219 million. The United States was the largest regional contributor with $153 million. However, sentiment shifted following the Federal Reserve's meeting, leading to $405 million in mid-week outflows after strong early-week inflows of $635 million.
Despite the price recovery and steady inflows, technical analysis reveals concerning signals. A rising wedge pattern has formed on Solana's 3-day chart, which analysts like CryptoBullet warn often resolves to the downside, signaling a potential trend continuation of the recent decline. This pattern emerged after SOL dropped below its 200-week moving average, a key long-term trend indicator.
On-chain fundamentals provide a counterbalance to the technical concerns. Solana's total value locked (TVL) has risen to nearly $6.9 billion, reflecting steady DeFi activity. Furthermore, real-world asset (RWA) tokenization on the network has reached a new peak above $1.8 billion, indicating expanding utility and adoption beyond speculative trading.
Key price levels are now in focus. Immediate support is seen at $89.50, with a more critical level at $78. A breakdown below the wedge pattern could target the $65–$70 range. On the upside, resistance sits near $95, with a break above potentially opening a path toward $110–$120. Longer-term bullish projections from analysts like Moonbag suggest a move to $260–$300 is possible if SOL can reclaim the $180–$200 zone.
