- Solana has traded between $115 and $230 for over 18 months, signaling major consolidation
- DeFi Dev Corp acquired 181,303 SOL at $155 average, increasing holdings to 1.18 million
- Over 85% of CoinMarketCap users show bullish sentiment despite a 4% daily price drop
For more than 18 months, Solana (SOL) has been trading in a wide range of $115 to $230. This time came after a strong upward trend that started in late 2022, when SOL moved out of a previous accumulation zone between $8 and $26. Analysts have found fake breakout patterns in the current range. For example, there was a fake move above $230 in January 2025 and a fake breakdown below $115 in April 2025.
Source: Bitbull on X
The way the market is acting right now shows that Solana is once again getting close to the top of this range. The weekly chart shows that SOL could break out if it closes above $230. This resistance line is at the top of the consolidation zone and is in line with what happened in 2023, when prices rose sharply.
If the breakout holds, the next target is between $330 and $360, according to projections. The technical structure also points to accumulation, with prices moving slowly and shaking out at both ends of the range. These patterns often come before a strong price move.
As the market stays the same, institutional activity goes up
Recent information shows that institutions are still very interested in Solana. CoinMarketCap says that DeFi Dev Corp has bought about 181,303 SOL for an average price of $155, bringing its total holdings to about 1.18 million SOL. Despite the current price changes, the acquisition shows that big investors are becoming more confident.
On-chain sentiment is also looking good. More than 85% of the 622,000 voters on CoinMarketCap think the asset will go up, even though SOL is losing more than 4% of its value every day. The asset is currently trading at $182.54, which is close to its daily low of $182.00. At the same time, trading volume has dropped by 11.24%, which means the market is cautious.
On shorter timeframes, technical indicators like RSI and MACD show bearish pressure in the short term. But the important support levels between $155 and $160 are still there. A move above $230 on the weekly chart could mean that the market is starting to go up again, with both technical and fundamental factors supporting it.
