- Solana’s price steadied near $228 after a steep correction, supported by bullish technicals and firm demand at key exponential moving averages.
- Futures open interest in Solana reached $14.64 billion, signaling heightened speculative activity and potential for strong volatility in short-term moves.
- Spot market data revealed $110 million in outflows, suggesting profit-taking even as long-term investors continued showing confidence in the asset.
Solana continued its recovery this week, with prices stabilizing near $228.90 after a sharp pullback earlier in the period. The token’s steady performance reflected renewed market confidence and improving sentiment across both spot and futures markets. Traders noted that the rebound positioned Solana within a key technical range that could influence its near-term direction.
The token regained ground above the $230 zone, which coincides with the 0.618 Fibonacci retracement level. This area has served as a crucial pivot point for continued price momentum. Additionally, the 20-day exponential moving average at $223 and the 50-day EMA at $218 have aligned to offer solid short-term support. The sustained strength above these levels suggested that buying interest remained intact despite recent volatility.
Resistance Levels Define Market Range
Market participants observed $230 as the key resistance point that needs to be reclaimed for further gains. If the price maintains above this level, traders expect potential upside toward $241 and possibly $254. On the downside, the $222–$223 zone remains a critical support cluster, while a drop below could expose the asset to retracements around $215 or $205.
In parallel with the price recovery, Solana’s derivatives market showed significant expansion. Open interest in futures contracts rose sharply to $14.64 billion on October 3, one of the highest figures in its history. This surge reflected increased speculative positioning and deeper liquidity inflows. Consequently, analysts expect amplified volatility as leveraged traders adjust positions in response to price shifts.
Spot Market Data Reflects Mixed Sentiment
While futures markets displayed enthusiasm, spot data revealed a wave of profit-taking. Net outflows totaling $110 million were recorded on October 3, marking one of the largest daily moves in recent months. Such activity often indicates short-term caution following rapid recoveries, though historical patterns suggest that long-term holders continue accumulating during calmer market phases.
Solana’s near-term outlook remains balanced between consolidation and expansion. Holding above the $222–$223 support range would strengthen buyer control, while a sustained breakout over $230 could open the path toward $240 and beyond.
