Solana Standing near $195-$196 after a quick slide through $200 has been absorbed around $195.
The bitwise Solana staking ETF (BSOL) began trading October 28; Bitwise said First day trading volume was $55.4m with $217.2m AUM, targeting 100% staked exposure and seeking to maximize around 7% average staking rewards.
Grayscale Solana Trust ETF (GSOL) is expected To begin trading October 29 on the NYSE ARCA, which offers exposure to SOL including potential staking rewards.
Technical Technical Assessments
The following is based on Coindesk Research’s technical analysis data model.
- Performance: Sol up 0.78% at $195.58, underperforming the broader crypto market by 2.33 percentage points.
- Path and Range: fell from $201.03 to $195.34, then rebounded towards $195.58; Earlier lower highs of $204.11 and $203.12 show sellers leaning on rallies.
- Image Volume: Overall volume 44% below seven-day average; During the $200 breakdown, trading volume was 2.56m (about 130% of the 24-hour average of 1.02m).
- Capitulation Check: The report notes a recovery from a $195.10 low, framing it as a capitulation-style dip that found bids.
- StableCoin Backdrop: Solana StableCoin Market Cap hit $16.25B on October 14, up 200% YTD from $5B, suggesting deeper liquidity.
What do the patterns mean?
- Range with softer tops: SOL boxed between $194 and $203 while making slightly lower highs; That tells you that rallies are disappearing before clearing the previous top.
- Why the $200 Slip Matters: Round Number Cluster Order; The fall below $200 helped trigger a volume explosion of 2.56m. The hold near $195 shows buyers are still in touch with nearby support.
- With volume below the seven-day average, the conviction is muted, which helps explain the underperformance even with ETF titles.
Support vs. Resistance: The map
- Support (floor): $194–$195 first; If it fails, the report reports $188-$180 as the next area.
- Resistance (ceiling): $196.50–$197.00 close; Then the $200 round number; Above that, $ 203.12.
Targets and risk framing
- If support holds: room to revisit $196.50–$197.00, with a potential continuation towards $200. These are checkpoints, not commitments.
- If support fails: $188–$180 are the next danger zones.
- Tactical Lens: Through consolidation and below-Trend Volume, many traders are waiting for a decisive break outside $194-$203 to judge the Momentum.
Disclaimer: Parts of this article were generated with help from AI tools and reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, see Coindesk’s full AI policy.
