Gate News, March 23 — Solana (SOL) has recently come under pressure, trading between $86 and $87. Over the past week, SOL has fallen nearly 7%, reflecting overall weakness in the crypto market, with total market capitalization dropping to approximately $2.36 trillion. Bitcoin fell below $67,360 on Sunday, triggering a market sell-off, and Solana was not spared. Escalating geopolitical tensions have heightened investors’ risk aversion, with friction between President Trump and Iran becoming a focal point.
The regulatory environment is becoming clearer. The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) issued a joint document classifying crypto assets into five categories: digital commodities, digital collectibles, digital tools, stablecoins, and digital securities. Solana is listed alongside Bitcoin, Ethereum, Ripple (XRP), Dogecoin, and Cardano as reference examples. This move helps provide clearer regulatory guidance for institutional investors.
Fund flow data indicates steady institutional demand. Ali Charts shows that over the past 96 hours, 11.8 million Solana tokens have been transferred from exchanges to self-custody addresses, indicating a clear long-term holding intention. SoSoValue reports that Solana-focused ETFs have experienced six consecutive weeks of net inflows, with weekly capital inflows ranging from $21 million to $26 million. The total value of assets locked in Solana this quarter has reached a new high of $465 million.
On the technical side, SOL is consolidating below the $90 resistance level. The Relative Strength Index (RSI) ranges between 38 and 46, indicating limited buying pressure, and the MACD remains in negative territory. Key support is at $85; a break below could see a decline toward $80. If a breakout above $90 is confirmed, a move toward $100 could be expected. Investors should monitor institutional activity and key technical indicators to assess Solana’s short-term price trend.
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