- Solana trades near $186 with $190 acting as key support for continuation toward $240–$300.
- Analysts note wave-(3) structure remains valid above $177 with resistance forming near $195–$203.
- ETF volume and $10.6B futures interest show strong institutional activity supporting market stability.
At the time of writing, Solana (SOL) traded at $186, showing mild consolidation within a broader upward channel. The cryptocurrency faces a crucial technical stage where holding the $190 support level could determine whether it maintains momentum toward $240 or potentially $300. Analysts view this zone as vital for sustaining market confidence and price structure stability.
Support Zone Around $190 Remains Critical for Solana
According to analysis prepared by Ali Charts, Solana has maintained an ascending parallel channel since April, forming consistent higher highs and higher lows. The chart identified a rebound from the $180 region, with mid-channel resistance near $210 and upper targets extending toward $250 to $300. Technical readings confirmed $190 as the key short-term support zone for continuation.
Further data from Man Of Bitcoin indicated that the ABC structure within wave-(3) remains valid as long as Solana holds above $177. A close below this threshold could trigger a potential wave-b correction to the downside. Maintaining $190 as a base remains crucial for avoiding this shift. Immediate resistance stands near $195 and $203, marking areas that could attract renewed buying interest.
The Relative Strength Index (RSI) sits near 39, showing mild oversold conditions. A rebound above 45 could indicate improved strength toward the $192–$203 resistance area. Sustained trading volume around this range reinforces the likelihood of near-term stabilization if buyers continue to defend $190 effectively.
ETF Activity and Futures Data Reinforce Market Stability
According to data shared by Eric Balchunas, the Bitwise Solana Staking ETF (BSOL) recorded over $72 million in trading volume on its second day, rising from $57 million on launch. This increase suggested an increase in institutional participation and depth of liquidity which is vital for long-term stability.
Meanwhile, Coinglass data showed Solana’s futures open interest reaching $10.63 billion on October 31, reflecting heightened speculative positioning. Sustained open interest above $10 billion is often a sign of expectation of volatility expansion.
Combined with recent inflows of $236,000 into Solana’s spot markets, market participation continues to strengthen. Holding above the $190 support remains the central focus for traders. If sustained, this level will help Solana reclaim toward the $240 and possibly $300 and in line with the general bullish structure noted since mid-2025.
