Solana has recorded an increase of nearly 25% in the past week, marking a strong resurgence as the broader cryptocurrency market is also flooded with green. With the current price around $198.43, SOL has returned to the price range it saw in February, drawing investors' and traders' attention back. However, on-chain data shows a distinct polarization in market sentiment: expectations and concerns are intertwined.

Trader Sentiment: Between Hope and Caution

According to data from Glassnode, the NUPL (Net Unrealized Profit/Loss) indicator of SOL is currently in the "Optimistic – Anxious" zone. This is a phase where most investors are experiencing slight profits but still do not genuinely trust a sustainable price increase.

Unrealized Profit/Loss of SOL. Source: Glassnode

✅ "Optimistic – Anxious" reflects expectations of upward momentum but accompanied by a cautious sentiment.

❌ This means that just a small correction or bad news could trigger a rapid sell-off for profit-taking.

Price Rises But Selling Pressure Gradually Emerges

Although the price is trending strongly upward, technical data shows that the upward momentum is gradually facing resistance:

  • The BBTrend indicator has shown red histogram bars for three consecutive days, with increasing amplitude.

  • This reflects that the price of SOL is close to the lower band of the Bollinger Band, indicating increasing selling pressure.

➡️ This is a warning signal that a portion of investors is quietly selling "at the peak" to take profits, even though the market still appears optimistic.

SOL BBTrend. Source: TradingView

Important Resistance Level: $206 – The Decisive Battle

SOL Price Analysis. Source: TradingView

Currently, the $206 area is seen as a key resistance level for SOL:

  • If it decisively breaks above $206, this area could turn into a strong support zone, paving the way for further increases to $219.97 or higher.

  • Conversely, if selling pressure continues to rise, SOL could be pulled back to the support zone of $183.75, effectively losing nearly all gains from the recent surge.

Conclusion: SOL is About to Break Out – Or Retreat

In the short term, Solana is at a decisive stage. A breakout above $206 will affirm the bulls' confidence and open the door to new growth. However, lingering selling pressure could lead to price adjustments if there are no clear catalysts.

👉 Investors should closely monitor the price levels of $206 and $183.75, as reactions at these two points will indicate the next direction for SOL in the near future.