Solana (SOL) Holds Above Key $120 Support as New DePIN Partnership Expands Real-World Use

Solana (SOL) held above the key $120 support level, maintaining stability. It may have set the stage for a bullish reversal.

Solana (SOL) has been holding above a key support level at $120, potentially setting the stage for a bullish reversal. As the cryptocurrency market continues to be volatile, traders and investors are keeping a close eye on any signs of recovery.

Solana has managed to stay above the $120 support on weekly candlestick charts. This level has been critical throughout the past year, as Solana price typically reacted to it as resistance during downtrends and as a strong support zone during rallies. After falling from above $250 to around $95, SOL experienced a bounce near the $120 level, which could be setting up for a move toward the next resistance zone at $130.

If the price breaks below this level for an extended period, we can expect bearish momentum to intensify. This may lead to a test of lower support levels as selling pressure increases. However, as long as buyers manage to defend the $120–$130 zone, we can anticipate traders engaging in sideways or upward action.

DePIN partnership expands Grab’s technology

While price movements provide technical insights, new developments within the Solana ecosystem can offer valuable context for long-term fundamentals.

In a recent partnership, NATIX, a DePIN project on Solana, is collaborating with Grab to enhance their crowdsourced mapping initiative. The goal is to improve real-time mapping capabilities across Southeast Asia.

Grab will be contributing its in-car hardware and AI tools to process and analyze 360-degree street-level images captured by drivers. On the other hand, NATIX will be providing its user network and technology to collect data from drivers around the world.

“They’re buying the data that we generate to build their pipeline for the U.S. and for Europe,” added Alireza Ghods, co-founder of NATIX.

This partnership aims to facilitate the expansion of both companies into new markets, including the United States and the European Union. By merging their strengths, NATIX and Grab can expand their technological footprint and presence in the industry.

The partnership will also utilize Solana’s blockchain to reward participants for their contributions and store data effectively. Moreover, it showcases how blockchain projects are being integrated into existing firms to create mutually beneficial partnerships.

Grab brings its enterprise-grade AI tools and real-world deployment capabilities, while NATIX contributes its vast user network and technology for efficient and decentralized data aggregation on a global scale.

The collaboration is designed to revolutionize mapping technology and create new possibilities for spatial data utilization across various domains.

Token and stablecoin activity surges

In other developments, Solana’s network has been seeing an increase in on-chain activity in 2025, with over 1.2 million new tokens created on the blockchain in April alone.

According to Token Terminal, the bulk of these tokens were meme-based or community-driven, indicating interest from new developers and users in building on Solana.

According to the report, daily new token creation reached a peak on April 15, when nearly 55,000 SPL tokens were minted in a single day. However, even without days like that, the activity remained strong throughout the month, with daily totals frequently topping 40,000 tokens.

The increase in activity came as more developers began using Solana because of its low fees and quick confirmation times, leading to a surge in new tokens being deployed.

The report noted that the supply of stablecoins on Solana has also surged by 154.39% since early 2025.

As the chart from Token Terminal shows, Solana’s stablecoin supply went from around $5 billion in January to over $13 billion by May.

This sharp rise highlights the growing demand and adoption of stablecoins within the Solana network.

Stablecoins are dollar-pegged digital currencies that traders use to move capital quickly and easily. The increase in stablecoin supply usually indicates an interest in trading and investing on the network.

The rising demand for stablecoins also suggests that users are using the network for financial activity rather than speculation, which is usually associated with meme coins and other speculative assets.

Solana’s network has been rolling out new features and use cases, attracting developers and users to build on its platform.

As the cryptocurrency market continues to heat up, it remains to be seen how Solana will perform in the coming months and what new partnerships and integrations will be announced.