Solana (SOL) is testing critical descending channel support as buyers attempt to prevent further losses. Meanwhile, rising trading activity and tokenized asset growth are expanding its financial market presence, with Fidelity Digital Assets highlighting its growing role in blockchain-based financial infrastructure.
As of now, according to CoinMarketCap data, SOL is trading at $86.50, down 2.92% over the past 24 hours and 8.38% over the past week.
Solana Price Tests Key Descending Channel Support
Crypto analyst Wheezy Insights notes that Solana is approaching a critical support area as its daily chart continues to follow a descending channel. The cryptocurrency is testing the channel’s lower boundary, a level that could determine whether the ongoing decline continues or a short-term recovery begins.
A successful bounce from this support could give buyers an opportunity to regain momentum and push SOL toward the $96–$98 resistance zone. This range represents the potential recovery target highlighted in the analyst’s chart, although reaching it would require stronger buying pressure.
However, a breakdown below the channel’s lower boundary could increase selling pressure and expose SOL to further losses. The price reaction around this trendline will play a key role in shaping the near-term outlook, as buyers attempt to defend support while bearish pressure remains a concern.
Fidelity Report Highlights Solana’s Financial Market Growth
Solana is strengthening its position in financial markets, with a new report from Fidelity Digital Assets highlighting its growing competitiveness in onchain trading. The report points to rising trading activity, expanding tokenized asset markets, and Solana’s potential to support financial transactions through blockchain infrastructure.
According to the report, Solana now accounts for approximately 15% of trading activity across major U.S. exchanges, compared with just 0.30% in 2022. The increase highlights its expanding share of market activity and growing presence in the trading sector.
Solana also briefly surpassed the New York Stock Exchange (NYSE) in weekly trade executions, reflecting the rising volume of transactions taking place on its blockchain.
The report also highlights substantial growth in tokenized asset trading, with monthly volumes increasing from less than $100 million to nearly $5 billion. The expansion reflects rising activity in blockchain-based representations of financial assets and points to Solana’s growing presence in the tokenization sector.
Fidelity Digital Assets describes Solana as “an emerging piece of financial market infrastructure,” emphasizing its potential beyond cryptocurrency trading. The findings suggest that Solana could support a broader range of financial market activities, although continued adoption and sustained growth will determine how far its role expands.
