Solana (SOL) price has dropped 1.1% today, extending a prolonged downtrend that began in September when the cryptocurrency traded near $250. Now hovering around $80, investors are questioning whether SOL can rebound, especially after Citigroup expanded its tokenized solutions to the Solana blockchain.
Citigroup recently tokenized a bill of exchange and completed issuance and settlement on the Solana network. As one of the world’s largest financial institutions, managing over $2.6 trillion in assets across more than 100 countries, Citi’s move signals growing institutional confidence in blockchain technology. The bank is also preparing to migrate significant assets on-chain through its CIDAP tokenization platform launched in 2024. In addition, Citigroup plans to roll out crypto custody services, integrating custody, tokenization, and global banking infrastructure.
Solana continues to strengthen its position in the real-world asset (RWA) tokenization sector. According to industry data, the network’s distributed asset value has surpassed $1.64 billion, marking a nearly 40% increase over the past month. RWA transfer volume has climbed 30% to $2.21 billion. Major asset managers including BlackRock, Galaxy Digital, WisdomTree, and Apollo Global have also leveraged Solana for tokenization initiatives.
The stablecoin ecosystem on Solana is expanding rapidly, with market capitalization rising nearly 20% to over $16 billion. Stablecoin transfer volume has surged 274%, exceeding $1.1 trillion. Network activity remains strong, with active addresses up 95% to 118 million and transactions jumping 55% to 2.7 billion. Network fees have reached $27 million, reinforcing Solana’s status as one of the fastest-growing blockchains.
Despite strong fundamentals, technical indicators suggest caution. SOL has fallen below the 61.8% Fibonacci retracement level at $117 and formed a head-and-shoulders pattern, a bearish signal. The RSI indicates oversold conditions, while the ADX confirms strengthening downward momentum. If the bearish trend continues, $50 may become the next support level. However, a breakout above $150 would invalidate the current bearish outlook and potentially signal a Solana price recovery.
