Solana price continues to face resistance near $200, a level that is proving difficult to break out of. After multiple recovery attempts, the altcoin remains confined just below this threshold.
Despite widespread optimism in the market, Solana is unable to secure $200 in support, leading investors to remain cautious and take profits.
Solana’s profits remain unstable
Recent data shows that Solana’s profit supply is highly volatile. In just 48 hours, SOL supply as a percentage of profits jumped from 52% to 70%, an 18% increase. Meanwhile, prices themselves rose less than 5%. This difference suggests that many holders accumulated their tokens around the $200 level.
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These gains quickly disappear as Solana’s price falls, leading to renewed selling pressure. The sharp fluctuations confirm that $200 remains a significant psychological and technical barrier.
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Currency data supports this cautious outlook. Over the past 10 days, approximately 1.5 million SOL (worth approximately $300 million) have been moved to exchanges. This trend indicates that many holders are choosing to sell rather than accumulate, reflecting bearish sentiment across the market.
Rising exchange balances often precede short-term corrections, as increased supply on trading platforms increases the risk of selling. Unless capital inflows slow or strong buying interest emerges, Solana could remain under downward pressure.
SOL price needs to find strength to rise
As of this writing, Solana’s price is $197, just below the $200 resistance. This price level has acted as a ceiling many times, preventing a sustained recovery. For a definitive breakout, SOL needs to secure $200 as a solid support base to confirm bullish strength.
If the selling pressure continues, Solana’s price could fall below $192, potentially heading towards $183 or even $175. Continued growth in foreign exchange balances and volatile profit-taking activity support this short-term bearish scenario.
However, if Solana manages to break above $200 and extend its rally to $213, the bearish outlook could be invalidated. A clean break above $200 would likely spark renewed investor interest, improve sentiment, and reduce near-term volatility.
