- Around 32.81M SOL last moved near $197.64, signaling strong potential resistance on retest.
- URPD data reveals dense cost bases between $130–$180, creating friction for upward momentum.
- Symmetrical triangle on 4H chart signals imminent breakout; $216 and $187 as key zones.
Solana’s price is teetering at $202.23 with a slight dip of 0.79% in 24 hours, but still holds a 1.54% gain over the past week. As pressure builds, all eyes are on whether bulls can hold the $197 support strong or if a deeper retracement is on the horizon.
$197.64: Solana’s Key Support Zone
According to on-chain data shared by Ali Martinez, Solana’s current structure revolves around one pivotal level: $197.64. A detailed URPD (UTXO Realized Price Distribution) chart reveals that approximately 32.81 million SOL, or 5.46% of the supply, last moved around this price.
This positions $197.64 as a key accumulation zone, with a high concentration of holders potentially seeking to exit at breakeven.Such levels tend to act as strong resistance during rallies, due to profit-taking pressure.
Dense accumulation also appears in the $130–$180 range, formed during previous bullish phases. These zones could act as secondary support levels in case of a deeper pullback. Interestingly, a notable spike in accumulation around $4.75 suggests early-adopter or capitulation buying during SOL’s early cycles.
Compression Pattern Signals an Imminent Break
Trader Lennaert Snyder points to a symmetrical triangle on the 4-hour SOL/USDT chart (Binance). The pattern reflects price compression and consolidation, with SOL currently hovering around $203.
A breakout above the upper trendline could push the asset toward $216.95, where prior resistance levels exist. This would require strong buying momentum, possibly fueled by short covering or FOMO as price escapes the dense URPD range.
However, a downward break could first lead to a test of $197.13—coinciding with the URPD’s high-volume node. A failure to hold here may open a path toward $187.94 and eventually the $182–$185 demand zone, where historical buying interest previously stabilized price.
Market Context & Institutional Momentum
SOL is currently priced at $202.06, with a 24-hour volume of over $4 billion, reflecting mild intraday losses but a weekly gain of 1.47%. Meanwhile, market cap trends show weakening momentum, slipping from a high of $114B on Sept. 4 to $109B as of Sept. 6.
On the institutional front, SOL Strategies has secured approval to list on Nasdaq, exiting the OTCQB Venture Market. With over 435,064 SOL held and more than 3 million SOL staked via validators, the company’s hybrid strategy of asset exposure and infrastructure has gained traction.
