Solana (SOL) expects $300, but only if this crucial support holds

Solana is trading below the $190 support as the RSI weakens, open interest rises and ETFs generate new interest. Analysts are closely watching the $300 target.

Solana (SOL) is trading below a key level that many traders are watching as the $190 mark has become a critical support zone. If the asset remains below this level, there may not be an upward move towards USD 240 or USD 300.

At the time of writing, the price is around $185, having dropped 4% over the past day.

$190 remains a key level

Aside from today’s plunge, SOL has largely stayed within a trading range over the past week, between $180 and $210. Analyst Ali Martinez outlined the aforementioned key support level, which is currently being tested.

Solana $SOL needs to hold $190 as support to have a chance of a rebound to $240 or even $300. pic.twitter.com/av5IE99Zw9

— Ali (@ali_charts) October 30, 2025

Currently, Solana is moving within a rising channel pattern. The $190 level corresponds to the lower portion of this channel. Holding this point could support a rebound, while a move below it increases the chances of a decline towards $170. A projected path on the chart outlines a possible short-term dip below $190, followed by a rebound.

Technical outlook shows weakness

The Relative Strength Index (RSI) is at 42, indicating slowing momentum. It remains below the average value of 44, reflecting continued price pressure. RSI values ​​below 50 generally indicate reduced purchasing interest.

Meanwhile, the MACD value is showing early changes. The MACD line is at -5 and the signal line is at -5. The histogram is slightly positive at 0.5. This setup shows that the trend may be starting to shift, but there is no strong confirmation of price action yet.

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Participation in the futures market is growing

Open interest in Solana futures has reached $10.48 billion. This follows a recovery from recent lows around $180. While this level is below the past highs seen during price surges above $250, it shows more traders are entering the market.

Despite the increase, not all analysts are optimistic. Ted pillows noted,

“Solana treasury companies are performing even worse than Ethereum treasury companies… I don’t see a way for Solana to recover until treasury companies start buying aggressively.”

This indicates limited institutional demand at this time.

ETF launches attract new attention

Solana saw major activity in the ETF space. As CryptoPotato reported, the Bitwise Solana Staking ETF (BSOL) recorded trading volume of $56 million on its first day. This was the highest volume on day one of all 850 ETFs launched in the US this year.

In addition, a spot Solana ETF has received regulatory approval in Hong Kong. These new investment products provide broader access to Solana and may attract capital from traditional markets in the future.