SOL USD has tumbled a further 3.5% overnight, following a seven-day stretch that has seen Solana fall by 10%. SOL is now trading for $211 and has been losing ground rapidly due to the strength of the BNB Smart Chain (BSC) ecosystem. Utility tokens on BSC, such as ASTER, STBL, and APX, have been performing well, while the Solana memecoin ecosystem has been struggling.
The run from $160 to $250 for SOL through August and September was primarily driven by the strength of PUMP
PumpBTC
1.93%
PumpBTC
PUMP
Price
$0.009601
1.93% /24h
Volume in 24h
$1.78M
Price 7d
, which itself increased by over 300% within the past two months. However, a retracement on PUMP, coupled with a crash throughout its memecoin ecosystem, has caused SOL USD to slip close to $200 once more.
Solana Bulls Struggling as SOL USD Close to Losing Key $200 Level
The downtrend that Solana currently finds itself in is bringing it closer to losing its crucial $200 level, after a rejection of its 2021 high price of $260. It has been in freefall since, with notable crypto trader, @thedefivillain, noting that SOL USD has been down only since the news about the DAT (digital asset treasury) slowed and became exhausted.
He goes on to state that SOL now appears to be the weakest ‘major’ digital asset in its current state, which is hard to argue against given its current price action. For comparison, another major cap, BNB
BNB
2.70%
BNB
BNB
Price
$591.81
2.70% /24h
Volume in 24h
$689.61M
Price 7d
, has just hit $1,000, marking a new all-time high following a 60% run over the past three months.
I am expecting $SOL to remain the weakest major from now on…
There was a great trade which was the DAT trade, and it seems exhausted https://t.co/laBdSUkuXH pic.twitter.com/ZyHUTeK9P0
— VIKTOR (@thedefivillain) September 24, 2025
SOL USD has strong support at around $204, but if this level is lost, a crash below $200 looks to be on the cards, making a full retrace of the PUMP-led move a strong possibility. Solana maxis won’t want to hear it, but below $200 there isn’t a strong support zone until around $160 to $165.
Another indicator of further downside on Solana is the drop-off in Perps Open Interest (OI). Over the past 24 hours, SOL OI has dropped by 4%, indicating that liquidity is flowing out of SOL USD, which lends credence to the notion that BSC and BNB are where traders are currently focusing.
Can SOL USD be Saved: RSI Indicator Showing Oversold – Bounce or Die Time?
The SOL USD chart indicates a bearish trend, characterized by a consistent decline over the past week, as evidenced by the downward-sloping moving averages. However, one piece of hopium for Solana bulls is that the RSI is now in the oversold territory, indicating potential for a reversal or consolidation.
In addition to being oversold, a hidden divergence is present on the SOL USD chart, indicating that a significant reversal could occur at any moment if support at $204 holds steady.
To confirm a trend reversal, Solana bulls would ideally want to see a reclaim of $220 on the 1-day chart, a level that has proved to be a heavy resistance point for the digital asset.
Another catalyst that could aid SOL USD in a potential recovery is the continuation of DAT firms announcing large purchases of SOL for their balance sheets. It is a large part of what fuelled the recent move up, and there is no reason why it couldn’t work a second time.
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