TLDR
- Solana trades near $99.93 after falling from a peak above $120 earlier in October.
- SOL broke below an ascending channel and is testing support between $93 and $98.
- The daily RSI is at 35.51 and the MACD remains negative.
- US spot Solana ETFs recorded about $5.7 million in net outflows on October 28.
- Standard Chartered lowered its year-end SOL target to $135 from $250.
Solana is trading near $99.93 on October 29, down from a peak above $120 earlier this month. The cryptocurrency has given back much of its September rally.
SOL climbed from about $75 in August to above $120 in early October. Selling pressure then pulled the price lower.
The price has now broken below an ascending channel that supported the September move. It has returned to a support area between $93 and $98, where buyers stepped in last month.
Solana Price Indicators Show Selling Pressure
The daily Relative Strength Index (RSI) stands at 35.51, close to the 30 level that traders view as oversold. The reading points to strong bearish momentum.
The MACD indicator also remains negative, with the MACD line below its signal line. The histogram bars are small, which suggests the decline may be slowing.
Resistance sits between $105 and $110. A move above $110 would put $120 to $125 back in view.
On the downside, a drop below $93 could open the way to $85 and then the $75 support region.
Institutional demand has cooled. US spot Solana ETFs recorded about $5.7 million in net outflows on October 28, the third straight session of withdrawals.
The figures were provisional, as some funds had yet to report.
Solana Network Upgrade and Analyst Targets
On October 21, Solana activated its Alpenglow consensus upgrade, which replaced TowerBFT. The change targets transaction finality of about 150 milliseconds, down from 12.8 seconds.
Finalized before you finish reading this sentence.
Alpenglow cut Solana’s finality to ~150ms, J.P. Morgan brought its tokenized money market funds onchain, and a tokenized stock did twice as much volume on Solana as on traditional exchanges.
Here’s what shipped:
📰 Headline… pic.twitter.com/jtL3bIct8H
— Solana (@solana) October 25, 2026
According to DefiLlama, Solana holds about $5.7 billion in decentralized finance total value locked. Stablecoin market capitalization on the network is $15.5 billion.
The network processed about $11.7 billion in decentralized exchange volume over the past seven days. Weekly activity fell by about 10%.
Standard Chartered analyst Geoffrey Kendrick lowered his year-end 2026 Solana target to $135 in August. The bank’s earlier projection was $250.
The revision reflected slower-than-expected growth in Solana’s payments applications. The bank maintains a longer-term bullish view.
Reaching $150 by year-end would require a gain of about 50% from current levels.
As of October 29, SOL trades around $99.93, while ETF data shows $5.7 million in net outflows on October 28.
