- SOL rebounds from $160 support, aiming for $188 with potential breakout toward $200.
- Whale and retail accumulation plus 10% drop in exchange supply signal reduced sell pressure.
- ETF inflows of $137.4M and rising TVL strengthen Solana’s recovery outlook above $175.
Solana (SOL) formed a double bottom pattern, rising from $169.32 to a high of $206.48 in a strong breakout. After reaching the peak, the market experienced a sharp correction. At the time of writing, SOL was trading at $176 and attempting to recover from the recent low near $160.
Price Structure Strengthens as Key Levels Come Into View
The SOL/USDT 4-hour chart confirms the double bottom near $169.32, followed by a breakout to $206.48, according to analysis prepared by BitGuru. The breakout was met with selling pressure, leading to a pullback toward $160. Current price action reflects an active recovery attempt, with SOL pushing back toward key resistance.
CryptoVipSignal observed a bounce from the support zone once again, stating, “SOL has tested the support area and bounced back from it.” Price is now targeting the $188 level, where a successful breakout may open the path toward $200. Volume has increased slightly, though a stronger confirmation would support a sustained move.
On-chain metrics support the technical setup. Data from DefiLlama shows that Solana’s total value locked (TVL) in native tokens has climbed to its highest level in over three years, nearing 60 million SOL. This increase indicates rising engagement from both users and DeFi protocols across the network.
Technical and Fundamental Indicators Align for Possible Recovery
According to CryptoQuant, whale wallets and retail investors are accumulating at current levels. Exchange balances have declined by 10%, signaling reduced sell pressure. Stable CME futures positions further suggest institutional confidence, even during recent volatility.
The Relative Strength Index (RSI) on the 4-hour chart is approaching 70, while the MACD has flipped bullish across multiple timeframes. These signals support the current rebound effort. A break above $175 may set the stage for a move toward $180, followed by $192–$198.
ETF inflows have totaled $137.4 million since mid-July, further reinforcing institutional interest. With technical structure intact and volume gradually rising, Solana remains in position for continued recovery if momentum sustains above $175.
