Solana price holds $230 as outflows challenge long-term uptrend

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Solana on-chain outflows test support levels

Highlights

- Solana trades at $230, holding its long-term uptrend despite $76.9M in outflows on October 3.

- Key support sits at $220 with resistance at $240 and $260 within the ascending channel.

- Scaramucci backed Solana as a future leader for tokenized assets, reinforcing its long-term narrative.

The daily chart shows Solana respecting its ascending channel, with buyers defending support near $220 where the 20-day EMA has flattened. Deeper layers of support remain at $211 and $197, aligned with the 50- and 100-day EMAs, while resistance sits near $240 and $260 at the upper band of the channel.

SOL price dynamics (Source: TradingView)

Momentum has improved modestly, with the RSI at 56 after rebounding from near 40 during last week’s correction. This indicates neutral positioning, with scope for upside if Solana can push through the EMA cluster. A break above $240 would likely confirm renewed bullish strength, while failure to defend $220 risks a deeper correction toward the $200 area.

Flow dynamics

Despite the supportive chart structure, liquidity flows remain a headwind. On October 3, Solana recorded $76.9 million in net outflows even as price hovered around $230. The data suggests profit-taking into strength, leaving short-term demand fragile. Historically, rallies in Solana have coincided with consistent inflows, but recent red prints highlight hesitation among larger holders.

Until flows turn positive, upside progress may face resistance from supply overhang. Traders will be closely monitoring whether renewed accumulation emerges near the $220 zone, where Solana has repeatedly attracted buyers in past corrections.

Market narrative and adoption

The broader narrative surrounding Solana remains constructive despite near-term selling. Prominent investor Anthony Scaramucci recently argued that Solana could capture significant market share among layer-1 blockchains over the next five years, positioning itself as a key infrastructure layer for tokenized assets and payments.

This endorsement aligns with Solana’s push into tokenization and financial infrastructure, where its high throughput and low fees give it an edge over competitors. The ecosystem’s steady growth and consistent ranking among the top digital assets add weight to its long-term positioning, even as profit-taking clouds short-term dynamics.

Outlook

Solana’s outlook hinges on whether it can hold above $220 while retesting the $240 resistance. A breakout would open the path toward $260 and potentially $280, extending the channel’s bullish trajectory. Failure, however, could pull the asset back toward the $200–$197 zone.In short, Solana is caught between a resilient technical uptrend and short-term selling pressure. The $220–$240 range will serve as the decisive battleground for direction, with traders watching to see if strong narrative support and ecosystem expansion can draw fresh inflows to offset the current supply drag.

In our earlier analysis, Solana was highlighted for its resilience near $209 with support at the 100-day EMA. That view has held firm, with the token respecting its long-term channel structure. The latest price action reinforces the idea that Solana continues to attract interest on dips, though current outflows emphasize the importance of monitoring liquidity shifts in the coming sessions.

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