Solana just slipped 20% in the past week, making it one of the worst performers in the top 100 and the weakest in the layer-1 category. Analysts are throwing out bearish Solana price prediction too, with some even warning of lower targets ahead.
But here is the twist: institutional interest in Solana is heating up. Two big Solana treasuries rolled out back-to-back, and the chain’s stablecoin market boomed to over $12B from just $5B earlier this year. Even with memecoin trading dropping more than 60%, Solana still dominates DEX flow, pulling in about $4.5B daily.
In just the past 72 hours, close to 1.5 million SOL worth more than $315M got snapped up. That kind of accumulation says a lot about the confidence from whales and institutions. This is why despite everything, Solana still stands out for traders and its open interest just hit a new record.
Solana Futures Open Interest Hits Record $17B
Source: CoinGlassOn September 20, Solana hit a new record in open interest at $17.10B while the price of SOL was closing in on its all-time high of $250.
Right now, SOL trades around $195, yet open interest is even higher than when it touched those highs earlier this year. Perpetual funding rates also flipped positive, climbing to 0.0043% from -0.0065% alongside the jump in OI.
Source: DeFiLlamaIn addition, DefiLlama data flags some weakness. Solana’s total value locked in DeFi protocols dropped 16% over the past week from 13B to 10B, and daily transactions slid by 11%.
Even with that dip, Solana continues to dominate key areas. It holds 58% of all tokenized stock volume, boasts 4M daily active addresses, generates $1.7B in annualized application revenue, and leads DEX volumes. All this has led uncertainty around SOL price, and the technicals right now lean more in favor of the bearish side.
Solana Price Prediction: Big Move Coming Next?
Solana recently slid under its ascending channel after that strong rally, showing it is tracking a bearish path. The $200 level is the key support right now, and if it breaks, SOL could dip toward $185 next.
The $198 zone is especially important since it overlaps mid-range support and the channel’s lower trendline. Holding this level could spark a rebound toward $255, and with stronger momentum, extend into the $330–$350 range.
If this support cracks, though, the downside opens toward $190 and even $174. RSI sits at 39, hinting at oversold and a possible bounce, but MACD remains bearish, keeping pressure heavy. Bulls must reclaim $215 to keep any higher breakout setup alive.
Snorter: One of the Best Trading Bots on Solana Doing Presale
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The presale already ripped past $4M, and the hype keeps climbing. With staking at 115% APY plus extra holder rewards, Snorter is designed not just for trading but for building long-term gains.
Among Solana bots, Snorter is already carving out a top spot, trusted by both early whales and retail piling in. If you want to catch the next wave of Solana action, Snorter is one of the best ways to play it.
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