Solana price breaks past $200, targets July peak – Crypto News – Crypto News
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Solana price breaks past $200, targets July peak – Crypto News

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  • Solana (SOL) jumps above $200, aiming for the July peak of $206.32.
  • Whale sales and unstaking raise short-term supply concerns.
  • $170 support and $206 resistance are key to the next price move.

Amid renewed altcoin market optimism, the native token of Solana, SOL, has surged past the $200 mark, reclaiming a key psychological level.

Over the past 24 hours, SOL has risen by 15.4% to trade near $201.71, with a 24-hour range stretching from $174.20 to $201.58.

Solana now targets July peak

Crucially, breaking $200 is a psychological and technical milestone that can attract buyers. As renowned analyst Jelle notes, “above $200, very little resistance left to bring it back down.”

Technically, a minor support sits at $195.26, while the critical support ranges from $187.71 to $184.67.

A breakdown through $173.43 would signal a medium-term reversal and might target the June–August trendline near $163.37.

However, on short timeframes, the hourly Moving Average Convergence Divergence (MACD) is gaining in the bullish zone, and the Relative Strength Index (RSI) remains above 50, indicating moderate momentum.

With the sharp price surge, all eyes are now on the July high at $206.32 as the next immediate target.

Moreover, if SOL clears $206.32, there are chances that it could extend toward the March 2024 peak at $210.18, testing bullish conviction. Market analysts project that the token will rise to $222.66 or even $230.32, especially if it clears the resistance at $204.

So far, SOL has climbed more than 13% from Monday’s low of $173.43, hinting at a strong bullish momentum.

Whales stir concern

Meanwhile, on-chain data shows large transfers to exchanges, prompting questions about distribution.

Specifically, more than 226,000 SOL moved to exchanges in recent days.

Notably, one whale slashed holdings by 71% in under two days, trimming a $24 million position to roughly $6.8 million.

These sales clustered near an average price of about $177 and coincided with a dip below $185.

SOL unstaking adds pressure

In addition, a wallet linked to Alameda Research unstaked roughly $35 million worth of SOL.

The tokens had been locked since late 2020, when their value was about $350,000 — a roughly 100-fold gain.

Nevertheless, the Net Position metric remains positive and has helped price consolidate above the critical $170 level.

What traders should watch out for

Notably, despite the rebound, Solana has lagged Ethereum in recent stretches.

Indeed, SOL is up roughly 1.07% in August while ETH has gained about 15.75%. Over the quarter, ETH’s roughly 72% return far outpaces SOL’s near 12.8%.

Importantly, large exchange inflows and the Alameda unstaking raise the prospect of coordinated distribution.

If $170 fails to hold, traders should expect increased downside and a deeper correction.

Conversely, a sustained breakout above $206.32 could draw fresh buyers and revive momentum.

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