Solana price has shown signs of weakening after breaking its pattern of higher lows. Can surging DApp revenue provide the fuel to revive its bullish momentum?
Summary
- Solana price recently printed a lower low near $190, breaking its higher-low pattern, but remains inside its long-term ascending channel with potential upside toward $250–$255.
- Solana-based DApps generated over $141M in revenue during September, outpacing all other L1 and L2 blockchains.
- Treasury Demand: Public companies now hold 13.4M SOL (~2.46% of supply), with Forward Industries leading corporate accumulation.
Solana (SOL) price has recently broken a pattern of higher lows, marking the first notable weakening of the bullish trend that had been intact since mid-June. The lower low, formed around the $190 area on the daily chart, suggests that buyers lost control of short-term price action, allowing sellers to push the market to the diagonal support zone marked by the ascending trendline.
However, Solana price remains within its broader ascending channel, and the recent test of the lower boundary suggests that buyers are defending the longer-term uptrend. The fact that this same area previously acted as resistance in late May adds confluence, strengthening its role as support and further supporting the continuation of the broader bullish trend.
Looking ahead, Solana price is likely targeting the top of the ascending channel, which currently aligns with the $250–$255 range. This upper boundary has previously acted as dynamic resistance throughout the trend and could serve as a near-term target if momentum continues to build.
What’s driving Solana price?
While Solana price has shown signs of a weakening uptrend by breaking its pattern of higher lows, underlying fundamentals remain bullish.
In September, Solana-based DApps generated over $141 million in revenue, surpassing the 30-day revenue totals of all other L1s and L2s during the same period. The majority of this revenue came from Pump.fun, which accounted for nearly $68 million, followed by Axiom at approximately $34 million.
Solana is also seeing notable adoption among public companies that are adding SOL to their treasuries. As of early October, more than 13.4 million SOL — roughly 2.46% of the circulating supply — is held by publicly disclosed corporate entities, according to CoinGecko’s Solana Treasuries tracker. The largest holder is Forward Industries, which currently holds approximately 6.82 million SOL. Other names on the list include DeFi Development Corp., Upexi, Sharps Technology, Sol Strategies, BIT Mining, Exodus Movement, Torrent Capital, and Lion Group.
