Solana (SOL) fell to $221 at the time of writing, down 3.9% in the past 24 hours after failing to hold above $230. This move follows a quick bounce back from this week’s high of $238 and a break below the 100-hour MA near $225.
In the short term, traders see $218-$212 as the first support band (deeper bids near $210-$215), while the $230-$235 cap is recovering, with a heavier supply zone above at $245-$250.
If bulls reclaim $230 on strong volume, momentum could refocus on $245; a daily close below $212 risks a decline towards $200. Despite the dip, SOL continues to print higher lows on the multi-week trend, keeping the broader uptrend viable.
SOL's price trends sideways on the daily chart. Source: SOLUSD on Tradingview
$2.8 billion in annual revenue from Solana supports fundamental strength
In addition to the price, Solana’s fundamentals are flashing green. A new analyst report notes annualized revenue of $2.85 billion over the past year, averaging $240 million per month, peaking at $616 million in January during the memecoin frenzy.
Trading platforms are the flywheel and contribute 30% (€1.12 billion), with apps such as Photon and Axiom sometimes generating €260 million in one month. Thanks to its sub-$0.01 fees and high throughput, Solana’s turnover ratio has surpassed Ethereum’s early cycle trajectory and coincides with 1.2 to 1.5 million daily active addresses.
DeFi statistics support the story; $13 billion TVL, 6x year-over-year growth in stablecoin volumes, and >$500 million in tokenized RWA activity indicate sustainable, non-speculative use. Upcoming performance upgrades (e.g. Firedancer) aim for dramatic latency and throughput gains, strengthening the network’s moat for high-frequency DeFi.
Institutional access, SOL ETFs and the Q4 lineup
Institutional participation is also expanding on several fronts. Public balance sheets reportedly contain $4 billion in SOL, while staking trust products are possible and a US spot is on hold SOL ETF applications (from issuers like Fidelity, VanEck, Grayscale, Franklin Templeton, 21Shares and Bitwise) could unlock the next demand.
Several files are facing October deadlines, and the prediction markets are hindering a very high chance of approval by the end of the year. In the short term, price may remain choppy as cryptocurrency leverage resets, but Solana’s revenue scale, user growth, and pipeline of upgrades provide a solid backdrop.
For traders, the roadmap is simple: hold $218-$212 to maintain the bullish structure; flip $230 and then $245 to revive momentum. For long-term investors, the multi-billion dollar revenue milestone and rising institutional track will keep the $300+ debate alive once risk appetite returns.
Cover image of ChatGPT, SOLUSD chart from Tradingview
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