Solana (SOL) fell 3.35% to $113.76 over the past 24 hours as weakness spread across cryptocurrency markets. The broader digital asset market declined 1.45% to $2.8 trillion, driven by reversals in institutional ETF purchases. Bitcoin dropped below $83,000, while Ethereum traded at $2,533 and XRP fell below $1.40.
Samsung Brings USDC Transfers to Galaxy Devices
Samsung announced a partnership with Solana to enable international USDC transfers through the Samsung Wallet application. The service will launch in the last week of October for eligible U.S. users on Galaxy devices, with deployment reaching approximately 82 million compatible smartphones.
Users can send money directly through the wallet without downloading separate cryptocurrency applications. Recipients in over 60 countries can receive funds converted to local currency, with further expansion dependent on regulatory requirements.
Technical Pressure on SOL
SOL crashed to $113 on October 8 after losing support at $115, reversing earlier gains from a $120 zone. The decline followed a September recovery that lifted the asset from below $100 toward approximately $124.
Technical indicators reflected downward momentum. The relative strength index fell to 25.63, entering oversold territory below the 30 threshold. The Chaikin Money Flow indicator registered -0.21, signaling selling pressure. Analysts identified $112 as the nearest support level, with $110 representing a potential psychological target if that level breaks decisively on a four-hour close.
ETF Outflows Continue
Solana exchange-traded funds recorded $4.8 million in net outflows on October 7. The Bitwise BSOL fund accounted for the withdrawals, while other listed funds experienced no net flows. Total net assets in Solana ETFs reached $1.85 billion, representing 2.71% of SOL's market capitalization, with $84.65 million in trading volume and $1.59 billion in net inflows since inception.
