January 22 News, Solana’s price faced resistance after a rally and entered a correction phase, currently oscillating around $130. Although there was a slight rebound of about 1.4% on the day, market sentiment has clearly become more cautious. Over the past week, SOL has declined approximately 10%, with prices repeatedly oscillating between $125 and $145, indicating intense battles between bulls and bears in key technical zones.
From a trading structure perspective, the market is actively de-leveraging. Spot trading volume decreased by about 6.8% from the previous day to around $5.6 billion. In the derivatives sector, open interest and futures trading volume both declined, suggesting some funds are choosing to stay on the sidelines rather than continue betting on directional moves. Such characteristics are typical during transitions from strong upward trends to correction phases.
Although short-term momentum has weakened, the medium- to long-term fundamentals remain resilient. According to SoSoValue data, on January 21, Solana-related ETFs recorded a net inflow of approximately $2.92 million, with monthly capital inflows exceeding $100 million and total assets approaching $870 million, indicating continued institutional interest. On-chain data from DefiLlama shows that since early 2026, decentralized trading volume on the Solana network has surged from about $2.5 billion to over $5.6 billion. The stablecoin market cap remains above $14 billion, maintaining a solid liquidity foundation.
In the real-world asset tokenization sector, Solana also continues to expand. The value of assets locked on its network has surpassed $1.1 billion, ranking second only to Ethereum and BNB Chain. Institutions such as BlackRock, Franklin Templeton, and Ondo are actively promoting development in this area. Meanwhile, upgrades like Firedancer are improving network performance and paving the way for broader applications.
Technically, SOL failed to hold above the $145 to $150 resistance zone and fell back, breaking below the 20-day moving average. The RSI has dropped to around 40, reflecting increased short-term selling pressure. The $126 to $128 zone is seen as a critical support level. If this support is broken, the price could retest the $118 to $120 range. In case of a rebound, the $137 to $140 and above $145 levels will remain important resistance points. Before reclaiming these levels, Solana’s price remains in a correction pattern.
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