- SOL breaks past $200, reclaiming a crucial psychological level.
- $206.32 July peak is the next key target, with potential to test $210 and beyond.
- Whale sales and $35M unstaking raise short-term supply concerns.
- $170 support remains critical for sustaining bullish momentum.
Solana Price Breaks $200, Targets July Peak
Solana (SOL) has surged past the $200 mark, reclaiming a key psychological and technical level amid renewed optimism in the altcoin market. In the past 24 hours, SOL has rallied 15.4% to trade near $201.71, with intraday lows of $174.20 and highs of $201.58.
Also Read: Solana Price Eyes $300 After Cup-and-Handle Breakout
Technical Outlook: $206 Resistance in Sight
Breaking above $200 is significant for both technical traders and market sentiment. As analyst Jelle points out, “Above $200, very little resistance left to bring it back down.”
Current short-term support sits at $195.26, with stronger demand zones between $187.71 and $184.67. A breakdown below $173.43 could trigger a reversal toward the June–August trendline around $163.37.
Momentum indicators favor bulls — the hourly MACD is firmly in the bullish zone, and the RSI remains above 50. The immediate upside target is the July peak of $206.32, followed by the March 2024 high of $210.18. Clearing $204 could open the door for $222.66 and even $230.32.
Notably, SOL has risen over 13% from Monday’s low of $173.43, reflecting robust bullish momentum.
Whale Activity Raises Concerns
On-chain data reveals significant whale activity, with more than 226,000 SOL transferred to exchanges in recent days. One whale reduced holdings by 71% in under two days, selling a $24M position down to $6.8M at an average price of $177.
These sales coincided with brief dips below $185, signaling potential profit-taking at critical resistance levels.
Also Read: XRP Nears $3 as Whale Activity and Institutional Support Drive Rally
$35M Unstaking Adds Supply Pressure
Adding to the selling pressure, a wallet linked to Alameda Research unstaked $35 million worth of SOL, originally locked since late 2020. These tokens, worth just $350K at the time, have gained nearly 100x in value.
Despite these developments, Net Position metrics remain positive, helping SOL hold above the $170 support zone.
SOL vs. ETH: Performance Gap Widens
While Solana has shown impressive resilience, it continues to lag behind Ethereum. So far in August, SOL is up 1.07%, while ETH has gained 15.75%. Over the past quarter, ETH’s 72% return far outpaces SOL’s 12.8%.
The combination of whale sales, exchange inflows, and unstaking could indicate coordinated distribution, making upcoming resistance levels crucial for SOL’s next big move.