A recent report highlighted three major reasons Solana (SOL) has struggled to keep pace with Ethereum (ETH), at least from a market performance perspective that goes beyond day-to-day price movements. Market expert Dominic Basulto from The Motley Fool pointed to factors that, in his view, have shaped investor sentiment and affected Solana's momentum in key areas.
Solana continues to trade within a cautious consolidation phase, with price action suggesting that a temporary recovery may develop before the market makes its next major directional move. While short-term momentum has started to stabilize, SOL still faces key resistance barriers that could determine whether the current bounce evolves into a stronger breakout or fades into another corrective wave.
The surge in data offload activity highlights growing consumer adoption of decentralized infrastructure, potentially reshaping telecom dynamics. Solana DePIN revenue reaches $2.8M as data offload activity surges 17x in a year.
The Agave v4.2 upgrade could significantly enhance Solana's transaction speed and efficiency, potentially boosting its competitive edge. Solana's Anza CEO discusses potential 200ms slots and Agave v4.2 upgrade.
Solana price has recovered from recent market weakness, with bulls now attempting to overcome double-top resistance near the $100 level.
Solana price tests key support as bulls target a breakout above $98, while $124 remains the major recovery level for SOL.
Solana currently trades at approximately $85.91, successfully maintaining position above the critical $84–$85 support area that has preserved its recovery framework throughout recent weeks. Despite a modest 0.30% decline over the past 24 hours, the asset demonstrates notable resilience when compared to broader cryptocurrency market performance.
Solana found support at $83.50 and corrected some losses. SOL price is now consolidating below $88.50 and might struggle to continue higher.
Yakovenko's view suggests that SOL's currency role has minimal impact on its value, emphasizing liquidity's importance over token denomination. Solana co-founder Toly says SOL's role as currency is ‘generally net zero'.
Solana (SOL) is hovering around the mid-$80s as traders look for a new directional catalyst, with attention split between potential ETF momentum and a major network upgrade slated for later this year. The token was trading at $86.90 as of May 21 UTC, up 1.36% on the day but down 6.99% over the past week, underscoring the market's caution despite pockets of improving demand.
SOL needs a daily close above $87.21 to increase the chances of a rally toward $95.62.
Amundi Solana UCITS fund SAFO launches as Europe's largest asset manager brings €2.4 trillion AUM to the chain. Amundi, managing €2.