TL;DR
- Solana holds $200 as bulls target $216 breakout, with $238 and the ATH levels in sight.
- $185–$190 order block aligns with trendline, offering support for a potential upward move.
- Institutions accumulate SOL, with Galaxy Digital and DFDV buying over $180M in recent days.
Price Testing Key Support, Eyes on $216
As of the latest market update, Solana (SOL) is trading at $203, reflecting a 2% increase in the last 24 hours and an impressive 8% gain over the past week. Following the recent shift of the $200 mark from resistance to support, the price is currently holding steady above this critical level.
According to crypto analyst Lennaert Snyder, reclaiming the $216 level could pave the way for a bullish rally towards the $238 mark, with the all-time high around $262 potentially within reach if the upward momentum accelerates.
“As long as it trades above $180, the daily uptrend is intact,” Snyder stated.
The price range of $186 to $200 is regarded as a potential buy zone, where buyers are expected to enter the market following confirmation of support.
$SOL fighting for $200 support.
It flipped $200 resistance into support and still holding.
Reclaiming $216 triggers a rally to $238, after $238 the ATH is next.
As long as it trades above $180, the daily uptrend is intact.
Pullbacks are for longs after confirmation. pic.twitter.com/PX64G2IQwj
— Lennaert Snyder (@LennaertSnyder) September 1, 2025
Bullish Structure Around $185–$190
Additional analysis from CryptosBatman indicates that SOL may approach a critical zone between $185 and $190, an area that has historically served as a base for upward movements. This zone is also coinciding with an ascending trendline that has remained intact since July.
As the price retracts from recent highs near $215, the next movements will hinge on price behavior within this support zone. Should buyers re-enter at this juncture, SOL could potentially form a higher low, driving a move back toward previous peaks. The confluence of support from the trendline and the order block makes this zone particularly important for market participants.
Additionally, heatmap data from Coinglass shows a significant concentration of liquidity between the $160 and $180 levels, comprising stop orders and open leveraged positions, indicating these levels may be targeted during times of market upheaval.
A trader highlighted this situation, saying,
“$SOL has a decent liquidity cluster around $160–$180 level. It could sweep the downside liquidity in September before a new ATH in Q4.”
If Bitcoin or Ethereum face downward pressure, altcoins like SOL may experience sharper corrections before any potential recovery.
Large-Scale Buying by Institutions
Recent institutional movements in SOL have increased notably, with Galaxy Digital transferring 500,000 SOL (valued at around $103 million) to Coinbase within the last five days.
Moreover, DeFi Development Corp. (DFDV) confirmed the acquisition of 407,247 SOL, worth approximately $77 million, bringing its total holdings to over 1.83 million SOL with a current value of around $371 million. The firm has also retained $40 million in cash for additional SOL purchases.
This wave of institutional buying occurs amidst a period of price consolidation and intense scrutiny of technical levels.
For further insights, the original post can be found here.
