Solana’s price recently broke its streak of higher lows, signaling the first significant pullback in the bullish trend that has held since mid-June. A lower low formed near $190 on the daily chart, indicating that short-term buyers lost control and allowed sellers to push the market toward the ascending trendline acting as diagonal support.
Despite this, Solana remains within its broader upward channel, and the recent test of the lower boundary shows that buyers are still defending the longer-term uptrend. This area previously served as resistance in late May, adding further validation to its role as support and reinforcing the potential continuation of the bullish trajectory.
Looking ahead, Solana appears poised to target the top of the ascending channel around $250–$255. This level has historically acted as dynamic resistance, making it a likely near-term target if buying momentum continues to build.
What’s Driving Solana’s Price?
Although Solana has recently broken its pattern of higher lows, hinting at a short-term weakening in its uptrend, the underlying fundamentals remain strong.
In September, Solana-based decentralized applications (DApps) generated over $141 million in revenue, outpacing the 30-day earnings of all other Layer 1 and Layer 2 networks combined. The bulk of this revenue came from Pump.fun, contributing nearly $68 million, followed by Axiom with around $34 million.
Solana is also gaining traction among public companies incorporating SOL into their treasuries. As of early October, over 13.4 million SOL—around 2.46% of the circulating supply—is held by publicly disclosed corporate entities, according to CoinGecko’s Solana Treasuries tracker. The largest holder is Forward Industries, with roughly 6.82 million SOL. Other notable corporate holders include DeFi Development Corp., Upexi, Sharps Technology, Sol Strategies, BIT Mining, Exodus Movement, Torrent Capital, and Lion Group.
