Solana (SOL) is at a crucial point where on-chain and technical factors point to both opportunities and risks.
Profit-Taking Pressures Build
Over 90% of Solana’s supply is now in profit. Each time this metric neared similar levels earlier this summer, corrections of 8–23% followed quickly. This suggests sellers could step in again, especially if momentum weakens near current resistance.
Exchange Flows Signal Caution
Exchange balances have surged back above 32 million SOL, a level last seen before August’s sell-off. Rising exchange deposits often precede heavier selling activity, meaning traders may be preparing to lock in gains.
Key Levels on the Chart
Technically, SOL remains inside an ascending wedge on the weekly timeframe — a pattern that often breaks lower. Support sits around $195 and $182; if those levels fail, a deeper drop toward $160 is possible. On the flip side, a close above $217 would flip sentiment bullish, clearing the way for targets around $240–$260.
Historically, Solana has posted gains almost every September since 2021, but on-chain data suggests this year could be different. Unless bulls push price decisively above $217, the odds favor consolidation or a correction before the next big move.
