Solana price struggles below $209 resistance despite $31.52 million revenue hit
Solana trades at $196, trapped between $209 resistance and $190 support for 11 days.
Solana’s price action remains confined between key technical levels after a sharp 40% decline from its all-time high of $295.
For the past 11 days, SOL has been trapped below the $209 resistance and supported at $190. As of Saturday, February 15, Solana is trading at $196, facing selling pressure from the 100 EMA on the 4-hour chart, while the RSI on both daily and 4-hour timeframes suggests a bearish bias.
The 100 EMA near $209 is reinforcing resistance, aligning with the broader downtrend. However, the 200-day EMA at $190 remains a key support level that could help Solana realign with its broader uptrend if buyers regain momentum.
Solana price dynamics (January - February 2025). Source: TradingView.
On-chain data highlights Solana’s strong network demand
On-chain data reflects Solana’s growing network activity. According to Glassnode, Solana’s seven-day average transaction fees have surpassed Ethereum’s since January 9, indicating strong demand. Although SOL’s fee dominance weakened in February, the weekly difference remained above $3 million, demonstrating its relative strength over altcoins.
Further reinforcing its competitive position, Solana continues to generate higher revenue than Ethereum. So far in February, Solana has recorded $31.52 million in revenue compared to Ethereum’s $18.23 million, according to DefiLlama. In January, Solana earned $124 million, outpacing Ethereum’s $109 million. This growth has been driven in part by heightened meme coin trading activity on the network, contributing to sustained demand.
Looking ahead, Solana’s price movement hinges on its ability to break above $209 or hold support at $190. A close above $209 could shift momentum in favor of buyers, while failure to defend $190 may open the door for further downside. Market participants will be closely watching these levels in the coming days to assess the next directional move for SOL.
Pump.fun has launched its long-awaited mobile app, driving new activity in the crypto space.Solana (SOL) surged above $200 following the app’s release, reinforcing its position as the fifth-largest cryptocurrency.
