Solana continues to stand out across decentralized finance despite recent price pressure. The network now ranks as the second-largest blockchain by DeFi total value locked, holding about $9.1 billion. That figure represents more than 7.7% of total DeFi capital across all chains. However, Solana accounts for only about 2.32% of the overall crypto market value. Consequently, the chain commands over three times more DeFi share than its market cap share. This imbalance highlights deep usage, active capital deployment, and strong on-chain demand. At the time of writing, SOL trades near $116.54 after slipping 1.08% over 24 hours . The token has dropped more than 9% over the past week. Daily trading volume remains elevated above $7.3 billion, signaling continued market participation. With roughly 570 million SOL in circulation, Solana’s market value stands near $66.1 billion. Hence, the current decline reflects price adjustment rather than fading interest. SOL Price Structure Faces Short-Term Pressure Short-term charts show a bearish structure after SOL lost the $120 range floor. Price slid into the $115–$113 demand zone, where buyers now defend key levels. According to Crypto Tony, the $120 area remains critical for momentum. A clean reclaim above that level would mark a range-low recovery. Additionally, such a move could unlock a rebound toward $130, followed by $14 However, sellers still control price below former resistance. SOL previously rejected the $145–$150 range, confirming supply strength overhead. Moreover, recent bounces show limited follow-through, with lower highs forming. Immediate support rests at $113. A breakdown could expose deeper demand near $108 if downside pressure accelerates. Long-Term Base Suggests Accumulation Phase BATMAN offered a broader perspective focused on patience and structure. He described Solana as forming a large multi-month base. Price continues oscillating between $120 to $130 support and $220 to $240 resistance. Each defense of the lower range confirms ongoing accumulation. Rejections from higher levels remain corrective, not trend-breaking. Source: X Moreover, this structure aligns with long-term market behavior that rewards discipline. A decisive move above $240 could confirm a breakout. Such a move may open paths toward $300, then $450 to $600. Until then, consolidation favors patient positioning over short-term reactions.
