Akash Network migration expands Solana as price faces resistance

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Solana slips 0.28% today to $100.06

Highlights

Akash Network approved a migration from Cosmos to Solana with 98% community support, moving AKT to Solana's SPL token standard.
Solana ranked second in DEX spot volume for 14 weeks with $12.63 billion for the week ending October 23, 2026, and stablecoin addresses increased to 14 million in two years.
SOL/USD trades below key short- and medium-term moving averages with bearish momentum and is expected to remain between $97.69 to $102.43 in the next two to three days.

Ecosystem expansion accelerates as developer activity and usage grow

Akash Network secured 98% community approval for its governance proposal to migrate from Cosmos to Solana and move the AKT token onto Solana as an SPL token, a shift that expands Solana's application ecosystem and demonstrates increased developer engagement, according to Cryptobriefing. Alongside this, Cryptobriefing reported Solana maintained its rank as the second-largest blockchain by DEX spot volume for 14 consecutive weeks, with $12.63 billion recorded for the week ending October 23, 2026, supporting ongoing market participation. Ambcrypto further noted that the number of Solana stablecoin addresses climbed sharply from under 4 million to 14 million over a two-year period, reflecting increased network usage, though daily fees and DeFi TVL remain at modest levels. Collectively, these data points highlight ecosystem expansion and sustained activity, though near-term fundamental revenue effects are still developing.

Bearish momentum holds as multiple indicators flag oversold conditions

SOL/USD is trading below the MA-20 and MA-50 on the hourly chart, which points to continued short- and medium-term selling pressure. The current price remains above the daily MA-200, identifying a significant area of long-term support, while the Ichimoku Kijun at $101.1 establishes immediate resistance overhead. On the momentum front, MACD and ADX indicate ongoing sell-side dominance. RSI is at 36.97, well into the sell zone, and both CCI and Stochastic RSI offer oversold readings, which point to potential exhaustion among sellers. Bull/Bear Power and Awesome Oscillator further confirm the prevailing intraday bearish momentum, yet the cluster of oversold signals could suggest the beginnings of a divergence.

Range-bound trade expected as breakout odds remain limited

Looking ahead, SOL/USD is likely to fluctuate within the $97.69 to $102.43 volatility band over the next several sessions. Probability estimates suggest a 27% chance of an upward breakout, while technical signals currently make additional downside marginally more probable. The base case is for the price to oscillate inside the established range. If resistance at $101.1 is breached, a bullish scenario could emerge, whereas a sustained move below the $97.69 support may accelerate selling.

Viktoras Karapetjanc, analyst at Traders Union, sees the Akash Network migration as a major endorsement of Solana’s developer ecosystem. He believes the continued rise in stablecoin holders and consistent DEX volumes reflect growing adoption, even though fees and DeFi TVL are still catching up. Technicals show short-term weakness but stable long-term support. Karapetjanc remains optimistic that structural progress will eventually translate to stronger valuations. "The fundamental base is expanding, so I think dips near $97.69 remain buying opportunities for patient investors."

Previously it was reported that Solana tightened its bug bounty program rules and raised payouts after a surge in AI-assisted vulnerability submissions, signaling a maturing security environment for the network. Now, expanding ecosystem activity and continued developer engagement strengthen Solana’s long-term prospects, making sustained trading above the daily MA-200 a key level to watch for trend confirmation.

Source of Data: SOL Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.