Solana is consolidating after a sharp expansion phase, with traders closely watching whether the token can hold the $114 to $117 support zone. Earlier data placed SOL near $121.64, but a broader market selloff on Oct. 7 pulled the token down about 2.5% as Bitcoin fell below $85,000 and US Treasury yields climbed. The latest price action leaves the $124 to $125 resistance area as the key breakout level, with some technical analysis pointing to a possible $148 target if SOL closes above that zone and holds $117 as new support.
Institutional demand has cooled sharply. US spot Solana ETFs brought in only $2.4 million for the week ending Oct. 2, down from $188 million the previous week. By Oct. 6, Solana funds saw about $3.7 million in net outflows, although combined assets in Solana investment products remain above $1 billion. The slowdown suggests ETF-driven buying is no longer providing the same upward pressure seen in September.
Network activity remains firm. Daily active addresses on Solana rose 52% to 4.1 million, the largest active-address base among major Layer 1 networks gaining activity. Liquidation data also showed pronounced short-side liquidations during August, with the clearest spike around Aug. 18 during a sharp advance. Price moved from roughly $112 into the $140 region before the existing consolidation took hold.
The main network catalyst is the Alpenglow consensus upgrade. It is live on devnet and being tested across validator clients. Testnet results for the Votor consensus component showed median finality of about 54 milliseconds, beating the 150-millisecond target from the original Alpenglow whitepaper. No mainnet launch date has been set, but developers say it is next on the roadmap. For now, SOL remains between slowing ETF demand and ongoing network development.
