Solana (SOL) is currently trading around $181.7, continuing to challenge the key resistance zone of $185–$190. This is viewed as a decisive level that could open up a new growth phase if the price successfully breaks through, with targets set at $205, $225, and $268 respectively.
Solana consolidates around the resistance zone
At the time of writing, Solana (SOL) recorded a slight increase for the day, but is still facing pressure as it has decreased by up to 8.2% over the past week. Daily trading volume reached $5.7 billion, indicating that cash flow into the market remains relatively positive, despite price volatility.
Observing the daily chart, SOL is forming an ascending triangle pattern – a technical signal often associated with the potential for a bullish breakout. This coin has repeatedly challenged the resistance zone of $185–$190 but has yet to decisively overcome it. Analyst Jonathan Carter notes that Solana is currently in a retest phase after a previous false breakout, and if successful, a confirmed breakout will strongly reinforce the bullish structure.
On the contrary, the upward trendline around $165 along with the 100-day moving average (MA100) is currently serving as an important support layer. If this level is breached, the technical structure will weaken, increasing the risk of a deeper correction.
Regarding technical indicators, the RSI is currently fluctuating in the neutral zone, not yet entering overbought territory, meaning there is still room for SOL to grow. Meanwhile, trading volume data indicates that buying pressure often increases significantly during upward movements, reflecting that market sentiment still leans towards buyers.
Collectively from the above signals, the bullish scenario will be reinforced if Solana can successfully break through the $185–$190 range, opening up opportunities to reach higher levels in the short term.
On-chain perspective
On August 18, data from Glassnode showed that the Spent Output Profit Ratio (SOPR) of Solana reached 0.9988. The fact that this index is below 1 reflects that most investors are taking profits at slight losses or breaking even, after Solana fell from the $200 range earlier this month. This is a signal that short-term market momentum has somewhat weakened, with selling pressure appearing more after a hot growth phase.
According to analyst Ali Martinez, if the resistance level of $185–$190 continues to hold, Solana may face the risk of retreating to the $180 range or even $160 – price levels that previously served as important support zones.
However, fundamentally, Solana continues to demonstrate superior strength. Over the past weekend, the network processed more than 100,000 transactions per second (TPS), peaking at 107,540 TPS. Although most of this volume comes from 'noop' orders (test orders for performance), the results still show that the scalability and processing speed of the Solana mainnet are impressive.
Additionally, the number of wallets holding over 10,000 SOL has risen to a record high, reflecting a strong accumulation trend from large investors (whales) even as prices fluctuate. This is seen as a fundamental factor reinforcing confidence in the long-term prospects of the Solana ecosystem.
Currently, Solana is in a state of 'delicate balance'. A convincing breakout above the $190 range could act as a catalyst for a new uptrend, with targets set at $205 – $225 – $268 respectively. Conversely, if it fails and simultaneously loses support around $165, the bullish structure will be broken, leading to the risk of a deeper correction.
In summary, Solana maintains a positive outlook in the medium and long term, thanks to strong network performance and signs of accumulation from whales. However, in the short term, the resistance zone of $185–$190 will continue to be a 'hotspot' that the market closely monitors to determine the next trend.
