Solana News Today: Solana Holds the Line at $150: Institutional Trust Remains as User Engagement Declines
Solana (SOL) has slipped beneath the crucial $165 threshold, signaling a notable breach of technical support and heightening worries about potential further losses. As of November 11, the token hovered around $150, representing a drop of almost 10% from its recent peak above $188, according to a
This decline comes after a 30% reduction in active
Despite this, institutional interest remains strong. US spot Solana ETFs saw net inflows of $9.7 million on November 6, marking a seventh consecutive day of positive flows, as reported by
Nevertheless, liquidity issues remain. The stablecoin market cap on Solana dropped 8.16% over the week to $13.816 billion, pointing to shrinking network liquidity, as detailed in the FXStreet report. Total Value Locked (TVL) fell to $10.215 billion, yet DeFi trading volumes exceeded $5.1 billion, surpassing those on
Technical outlooks remain cautious. The Relative Strength Index (RSI) is close to oversold at 33.58, while the Moving Average Convergence Divergence (MACD) continues to signal bearish momentum, suggesting persistent selling pressure, as mentioned in the Crypto.news report. A move above $166 is considered crucial for reversing the current downtrend, with potential targets between $172 and $177 if achieved, according to the FXStreet report. On the other hand, a drop below $150 could send the price toward $145, where further support may be found, per the TradingView analysis.
Solana's co-founder is leading network upgrades to tackle scalability issues, but their effectiveness has yet to be proven in real market scenarios, as noted in the TradingView analysis. Meanwhile, Solana's underperformance compared to the broader crypto market—trailing the CoinDesk 5 Index by 1.42%—shows the token is facing specific selling pressure. The CoinDesk report also highlights the breakdown in technical support.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Lighter Secures $68 Million to Drive Institutional DeFi Expansion Despite Market Hesitancy
- Lighter secured $68M in a new round led by Founders Fund and Ribbit Capital, valuing it at $1.5B to boost DeFi trading infrastructure. - The funding aligns with a broader crypto VC surge, including Ripple's $500M and Lava's $200M, highlighting institutional interest in blockchain finance. - CEO Vladimir Novakovski emphasized scaling infrastructure with both equity and token subscriptions to enhance institutional-grade trading solutions. - Despite market caution, DeFi protocols like Lighter attract invest
JPMorgan and DBS Establish Unified Cross-Chain Protocol for Institutional Transactions
- JPMorgan and DBS develop blockchain framework for cross-chain tokenized deposit transfers, aiming to set institutional payment standards. - The framework links DBS Token Services with JPMorgan’s Kinexys, enabling 24/7 real-time settlements across public and permissioned blockchains. - It addresses cross-border transaction demands, reducing fragmentation as global banks adopt tokenization. - Overcoming interoperability challenges could redefine institutional liquidity access and market reach.
JPMorgan and DBS Develop Cross-Chain Bridge to Compete with Stablecoin Leaders
- JPMorgan and DBS Bank launch cross-chain framework for real-time tokenized deposit transfers between institutional clients, bypassing traditional payment systems. - The "interoperability highway" enables 24/7 settlements across public/private blockchains while maintaining consistent token value, expanding cross-border transaction capabilities. - As 1/3 of global banks explore tokenized deposits, the partnership challenges stablecoin dominance by offering institutional-grade cross-chain solutions with red
AI's Growing Demand for Power Pushes the Energy Industry Into an Intense Sustainability Competition
- Energy and tech sectors collaborate to address AI's surging energy demands through sustainable computing infrastructure and efficient GPU solutions. - Devon Energy and Alliant Energy boost capital spending on grid modernization and storage, aligning with AI-driven power needs while maintaining shareholder returns. - NVIDIA advances open-source GPU efficiency via Nova driver, yet faces market volatility as AI sector grapples with financial risks and regulatory pressures. - Industry challenges include bala
