Three Things to Know Tokenized real-world assets on Solana hit a record above $5 billion, yet the token kept sliding. Daily momentum sits deep in oversold territory while sellers still steer
Solana's real-world asset market just set a record. Banks, asset managers and hundreds of thousands of new wallets are moving onto the network, and the Solana Foundation says more large lenders are on the way.
SOL has ignored the good news. The token has slipped for weeks and now leans on a key psychological floor. Traders want to know whether adoption can finally pull in buyers, or whether sellers break that line first.
The value of real-world assets distributed on Solana reached $5.12 billion, according to data from RWA.xyz. That is up nearly 18% in a month. Solana called it a new all-time high for its RWA ecosystem in an Oct 29 post on X. The chart in that post showed $5.19 billion as of Oct 28.
Some 860,511 wallets now hold tokenized assets on Solana, up about 14% in a month. The network lists 3,516 tokenized assets, including funds tied to BlackRock and JPMorgan. RWA transfer volume hit $16.2 billion over 30 days, a jump of about 80%.
Nick Ducoff, head of institutional at the Solana Foundation, said 7 of the 29 global systemically important banks are building on Solana. He expects more by year end and called it a sign the "Token Supercycle" is underway. Stablecoins on the network total $14.32 billion, held by 13.7 million wallets.
The token did not follow. SOL fell about 3% on Nov 2, a sign that institutional demand has yet to reach its price.
Solana (SOL) daily price with the nearest support (green) and resistance (red). Source: TradingView
SOL traded near $92 at the time of writing, below both of the moving averages traders watch most. A moving average smooths out daily swings to show the underlying trend. The 50-day average sits near $103. The 200-day average is lower, near $98.
Both lines now hang above the price. That means each one acts as a ceiling, and the broader trend has turned down. Buyers would need to clear two layers of resistance before the chart looks healthy again.
The losses have built up over weeks. SOL is down about 23% over the past month and about 8% over the past week. That pattern points to a steady slide, with sellers pressing a little more each session. No single headline caused it.
Trading over the past 24 hours was flat. Buyers appear to be pausing near the $90 line, holding the price in place without pushing it higher. That kind of stall often comes before the next move, in either direction.
Strong network data has not yet pulled in enough spot buyers to lift the token.
The first real test sits at the 200-day average. A close back above it would be the first sign the decline is losing its grip.
RSI, a 0 to 100 gauge of momentum, sits near 26. Readings below 30 count as oversold. That means the selling has run hard and fast, and stretches like this often end with a relief bounce.
A low reading alone does not stop a decline. Momentum is still pointing down, with the MACD indicator below its signal line. Trend strength also shows a real downtrend, and sellers are the ones driving it.
In strong trends, oversold readings can linger for weeks while prices keep sliding.
Traders looking for a turn will want to see momentum shift first. A MACD cross back above its signal line would be the earliest clue that buyers are returning.
The nearest support sits near $78. That level lies about 16% below the current price, and it marks the drop the headline warns about. If buyers lose the round-number line they are defending now, little stands in the way of a slide toward it.
A break below that floor would matter more. The next floor sits near $71, and a move there would confirm that sellers still control the trend. It would also leave the token at levels it has not tested in this decline.
The upside has its own hurdles. The nearest resistance sits near $97, just under the 200-day average. Those two levels form a tight ceiling that buyers must clear together.
Above that, the next resistance near $104 lines up with the 50-day average. A push through both zones would be needed to turn the chart around.
SOL now sits at a fork, and the next daily close beyond either edge of its range should set the direction.
The chart still belongs to sellers until SOL reclaims its 200-day average.
Risks run both ways. Oversold conditions can spark sharp squeezes against short positions. A broader market sell-off could also break support quickly.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
