Solana (SOL) has drawn an ascending triangle on its monthly chart, with analysts monitoring the setup for a potential breakout. The asset is also testing support within a shorter-term rising channel on the daily timeframe. Alongside the technical picture, Solana's real-world asset (RWA) market capitalization has climbed to roughly $4.3 billion over the past year, and Castle Labs ranks the network first among compared blockchains in 30-day application revenue. Read together, the chart patterns and the on-chain figures describe both the token's price structure and the activity taking place on the network.

Ascending Triangle Takes Shape on the Monthly Chart

Crypto analyst Crypto Xlarge identified the ascending triangle in a recent chart analysis. The pattern consists of a rising support line connecting a series of higher lows dating back to 2023 and a horizontal resistance area near $250. SOL has tested that upper boundary several times without completing a breakout, while buyers have consistently defended progressively higher levels along the lower trendline. Ascending triangles are consolidation structures of exactly this shape—price pressing repeatedly against a fixed ceiling while lows climb toward it—which is why the horizontal level functions as the pattern's reference point for confirmation.

Analyst Ash Crypto characterized the formation as a bullish triangle and indicated that another upward move could follow if SOL clears resistance. At this stage, however, the converging trendlines reflect tightening price action rather than a confirmed breakout. A monthly close above the upper boundary would provide stronger confirmation.

The monthly relative strength index (RSI) adds a further technical marker. The indicator, a momentum gauge measured on a scale from 0 to 100 with 50 as the midpoint, has tracked a descending trendline drawn from its 2024 peak, though the latest reading has moved back toward 50. A break through that downward trendline would signal a shift in the indicator's recent trajectory.

SOL Tests Rising Channel Support on the Daily Chart

separate daily analysis from More Crypto Online places SOL within an upward-sloping price channel. The most recent chart shows the token trading near $105.53 after it reacted higher from the channel's lower trendline, following a pullback from the October high near $125. Where the monthly chart frames the multi-year structure, the daily timeframe shows how price is currently behaving at the lower edge of its shorter-term range.

The analysis identifies $106.79 as the nearest Fibonacci level—a widely used series of horizontal reference points derived from a prior price swing—with $96.89 and $89.57 positioned further below. These levels serve as reference points as SOL trades around the lower portion of the channel. The chart also marks overhead resistance near $110, along with a broader resistance region around $135.

Sustained trading above the ascending support line would keep the daily channel structure intact, while a break below that boundary would bring the lower Fibonacci levels into focus.

Solana RWA Market Cap Rises Above $4.3 Billion

Solana's on-chain RWA market capitalization grew from roughly $700 million to $4.3 billion over the past year, an increase of approximately $3.6 billion. Real-world assets are traditional financial instruments—government debt, credit, equity and similar holdings—issued as tokens on public blockchains so they can be held and transferred on-chain. A separate breakdown by asset class put the total at $4.37 billion on October 14, up from $751 million on September 1, 2025.

US Treasury debt represents the largest category at about $1.52 billion, meaning tokenized government debt alone accounts for roughly a third of the on-chain total. The remaining value spans private equity, asset-backed credit, stocks, specialty finance, corporate credit and other tokenized assets. The report tracks these holdings separately from conventional stablecoins.

Ethereum's RWA market expanded from $15.5 billion to $16.6 billion over the same period. Solana's RWA market consequently rose from approximately 4.5% to 26% of Ethereum's total. Ethereum still holds the larger market by value, while Solana recorded faster growth from a smaller starting base.

Application Revenue Reaches $193.1 Million in 30 Days

Castle Labs reported $193.1 million in Solana application revenue over the preceding 30 days, ranking the network first among the blockchains in the comparison. Hyperliquid followed with $86.5 million and Ethereum with $53.8 million.

Application revenue measures earnings generated by applications operating on a blockchain, rather than the market capitalization of its tokenized assets. The two datasets therefore cover different activities within the Solana ecosystem.

This article is for informational purposes only and does not constitute financial or investment advice.

Source: The Market Periodical