In the past 30 days, crypto market users have transferred over $120 million in cash from various blockchains to the Solana (SOL) network, indicating a gradual return of trust in this ecosystem. The majority of cash transfers came from Ethereum with $41.5 million, followed by Arbitrum with $37.3 million. Additionally, cash has flowed into Solana from networks like BSC ($16 million), Binance Chain ($14 million), and Solana ($6.6 million). This influx of capital comes as, following the debacle of the ‘Libra’ meme coin in Argentina, approximately $485 million in cash had been transferred from Solana to blockchains like Ethereum and Binance Chain. Concurrently with this new wave of capital inflow, some prominent Solana meme coins have experienced significant price growth. In the past 7 days, Popcat (POPCAT) with 79%, Fartcoin (FARTCOIN) with 51%, Bank (BONK) with 25%, and Wrapped Doge (WIF) with 21% price growth have been notable. However, Solana’s price is still on a downward technical path. To change this trend, a daily candle closing above the $147 level is essential. The current price is below $140, with the 50-day moving average acting as resistance. Lower timeframes show a bearish divergence between price and the Relative Strength Index (RSI), a pattern that has led to price corrections four times since the beginning of 2025. Currently, Solana’s demand zone is between $115 and $108. According to Glassnode data, over 32 million SOL units have been bought at $130, equivalent to 5% of the total supply. Therefore, this level can serve as a key support. In the short term, the $144 and $117 ranges are considered as resistance and support, respectively.
