The price of Solana (SOL) is currently rising to around $207 at the time of writing, marking an 8.5% increase in the past 24 hours. Although the three-month trend remains bullish, the recent surge may soon encounter resistance.
Two on-chain indicators, including exchange balances and SOPR, show signs of profit-taking. If buyers can push for a strong breakout above the next resistance level, the bullish momentum may continue. Otherwise, a correction is hard to avoid.
Exchange balances have just surged significantly.
The amount of coins held on exchanges is often related to selling pressure. On August 22nd, the total SOL on exchanges was 29,939,206 SOL. By August 27th, this number had risen to 31,877,413 SOL, an increase of 1,938,207 SOL (+6.47%) over five days.
With a price of $207, this equates to approximately $418.7 million of potential 'sell' supply.
This is the second-highest exchange balance this month, just 1.5% lower than the one-month peak of 32,357,608 SOL in August. Previously, we also witnessed a small increase from 29,939,206 to 30,584,558 SOL between August 22nd and 24th. After that, the price of SOL dropped from $205 to $187.
Today's increase is larger, making the risk of a 'sell on price increase' phase very real.
SOPR confirms that profit-taking activity is underway.
SOPR (Spent Output Profit Ratio) indicates whether the average coin moving on-chain is being sold at a profit (>1) or at a loss (<1).
On August 27th, the SOPR of SOL reached 1.0544 – the highest in three months. This means that the coins sold have been profitable.
The last time SOPR reached around 1.04 on July 22nd, the price of SOL cooled down from approximately $205 to $158 (a decrease of about -22.9%). With the current SOPR index still high, this reinforces what the exchange balance suggested: sellers are actively participating.
Important SOL price levels to watch on the chart.
The price of Solana has surpassed the $200 mark and has tested the upper area which has repeatedly rejected increases this month.
Solana needs a clear daily close candle above the next resistance level to show that buyers are truly in control, currently this level is above $215. If it can break and maintain above that, the next target is $223, followed by $247.
It should be noted that a true breakout above $215 requires a daily close candle fully above this area—not just a daily breakout. With SOL trading around $207, the current surge has not yet confirmed a sustainable bullish breakout.
If SOL cannot surpass and maintain above this resistance level, a drop to the $200–204 range is still likely. A decisive fall below $185 would further weaken the short-term outlook.