Solana’s real-world asset (RWA) ecosystem has reached a milestone, with tokenized value totaling $1.66 billion. The steady growth in RWA activity signals capital moving on-chain and increasing institutional participation in Solana’s settlement infrastructure. AMBCrypto notes Solana remains competitive in dApp revenue, supported by rising on-chain activity and ETF inflows. Despite risk-off conditions, Solana’s fundamentals appear strong, with app revenue capture rising from 262% to 375%.
An expanding RWA base and whale accumulation have not halted SOL’s downward march. The long-term descending channel remains unbroken on the weekly chart, and the analysis suggests further losses could be likely. There are sizeable imbalances up to $140 that could be filled before testing the $47.9 support level. The monthly chart shows a sell signal, a pattern last seen in 2022 that preceded a 95% drawdown for SOL.
Accumulation remains weak, with hodler positions turning green in January but slowing in the weeks since. The slowdown comes alongside a SOL drop below the $100 level, reflecting weakening long-term conviction among holders. There could be more pain ahead, and the trepidation among investors might be justified. The share of addresses in profit hovered around 20% in February, the lowest since November 2023, with a 1.37% profit level observed in December 2022 during the prior bear cycle.
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