The crypto market is experiencing slight daily pullbacks, with most major assets showing small declines in the past 24 hours. Overall, the market capitalization is hovering around $4.04 trillion, and the trading volume is $151.19 billion.
Solana has been trading in a range between $230–$245, showing short-term consolidation after its recent rally. Over the past week, it climbed up by 7% with a market capitalization of $127.6 billion. As of this writing, Solana is exchanging hands at around $235 with a 24-hour gain of 4.5%.

Source: CoinMarketCap
Solana supply shrinks and demand surges
Solana’s market structure is showing extraordinary strength, with both institutional demand and ecosystem growth driving momentum. Recent data confirms that 17 major treasury entities now hold 17.1 million SOL, representing nearly 3% of the total supply.
Capital inflows are also accelerating at an impressive pace. Forward Industries recently raised $1.65 billion specifically to acquire SOL and deploy capital into Solana’s DeFi ecosystem, underlining the network’s growing role in decentralized finance.
Meanwhile, Galaxy has accumulated $1.55 billion worth of SOL within just five days, adding further weight to the bullish institutional accumulation trend.
Beyond institutional buying, on-chain activity is thriving. Stablecoin inflows on Solana are exploding, providing deep liquidity for trading, lending, and DeFi applications. This trend strengthens Solana’s ecosystem and enhances SOL’s utility, creating a feedback loop of higher adoption and demand.
Should SOL break through this threshold, momentum could carry it toward its previous all-time high of $294, with the potential for new highs beyond that given today’s stronger fundamentals compared to past cycles.
Solana faces heavy resistance at $239 before next leg higher
The chart from Glassnode shared by market expert Ali Martinez highlights Solana’s UTXO Realized Price Distribution (URPD), which shows at what price levels large volumes of SOL were last transacted.
The key takeaway is that $239 has emerged as the most significant resistance wall, with over 23 million SOL, and 3.85% of the supply is concentrated at this price zone. This means a huge number of holders either bought or last moved their coins around $239, and many could look to sell or break even once the price retests this level.
Solana hits $13.3B Stablecoin supply
Stablecoins are rapidly flowing into Solana, with over $250 million entering the network in just the past 24 hours. This surge has pushed the total stablecoin supply on Solana to a record high of $13.3 billion. According to analyst Pukerainbow, this trend could mark the beginning of what many are calling “SOL summer.”
Technical analysis –Solana holds above $230 support mark
Looking at the technical indicators on the daily chart, Solana’s price is bouncing from the support at the $230 region. The MACD line is above the signal line, showing positive momentum and a bullish trend. The histogram is in green, confirming buying strength.

SOL/USD price chart, source: TradingView
The RSI (Relative Strength Index) is currently at 64.63, which indicates that the market has not reached the overbought territory. This suggests Solana still has room to move higher, but if RSI climbs further, it could indicate the price is becoming overheated.