- Solana price hits $247.45, up 1.82% in 24 hours with robust $8.6B trading volume.
- Major support zones at $239 and $224 could stabilize price amid profit-taking.
- Galaxy Digital adds 1.1M $SOL in 12 hours, signaling growing institutional interest.
Solana continues its strong upward move, trading at $247.45 with steady volume and growing institutional interest. Support levels around $239 and $224 are crucial definers if a potential breakout above $250 is possible.
Solana’s Price Momentum and Key Support Levels
Solana’s price action over the past week paints a clear bullish picture moving from roughly $200,the coin has steadily climbed to near $250, marking a gain of about 25%.This rise has been supported by consistent higher highs and higher lows, reflecting sustained buying pressure.
The hourly candlestick chart from Binance shows solid volume spikes accompanying key upward moves, especially during early September breakouts.
Two support levels at $239 and $224 are crucial to this momentum, for a significant concentration of SOL holders bought near $224.19, as revealed by the UTXO Realized Price Distribution (URPD) chart.
This cluster represents over 16 million coins, acting as a strong psychological and technical base. If prices dip, these areas may see buying interest that stabilizes the market and prevents sharp pullbacks.
Institutional Accumulation Fuels Confidence
Galaxy Digital has recently amassed over 1.1 million SOL, valued at approximately $271 million in just 12 hours. Their latest purchase of 595,000 SOL within three hours highlights rapid accumulation during the ongoing rally.
This points to growing confidence among large investors,as Institutional demand for Solana is heating up. Solanas market capitalization has surpassed $130 billion, showing increased interest and capital inflow.This trajectory suggests a healthy market supported by both retail and institutional players.
Resistance Near $250 and Potential Pullbacks
Solana shows strong momentum, but it faces resistance near $250. Recent price action indicates the market is testing this zone, with minor pullbacks and reduced volume suggesting some profit-taking.
Traders should watch for a confirmed breakout above this level to signal continued upside.At the same time, minor corrections or consolidations are normal during such rallies.If $239 hold, the upward trend could resume with renewed strength.
