- Over $420 million in SOL returned to exchanges, showing rising volatility and uncertain investor sentiment
- A cup-and-handle breakout above $200 could send SOL soaring toward $1,000 with momentum confirmation
Solana [SOL] is back in the spotlight. Amid fast-paced market moves and shifting sentiment, the asset is drawing attention from both retail traders and institutional players.
Behind the scenes, exchange activity is heating up, hinting at something bigger brewing just beneath the surface.
Tug of war between bulls and bears
Solana’s recent price swings have been mirrored by dramatic movements in exchange balances.
According to Glassnode data, over 2.7 million SOL, valued at approximately $423 million, flowed back onto exchanges in just nine days, following a sharp inflow triggered by investor uncertainty.
Source: Glassnode
This reversal follows a FOMO-driven accumulation phase, during which a similar volume of SOL was bought in late May. The chart shows that speculative buying, quickly followed by profit-taking, has created heightened price volatility.
As investors continue to cycle between accumulating and exiting, SOL’s upward momentum is facing repeated resistance.
A parabolic move ahead?
According to crypto analyst Ali Martinez, Solana is on the verge of a massive technical breakout.
Source: X
His chart shows a textbook cup-and-handle formation, with SOL consolidating just below the crucial $200 resistance level.
A decisive move above this threshold could unlock a 5x to 10x bull run, potentially sending prices into the $1,000-$2,000 range.
While the formation points to long-term bullish momentum, the pattern remains incomplete until a breakout occurs.
Solana’s price action in the coming weeks could determine whether hype turns into historic gains.
Momentum builds, but bulls face a pivotal test
At the time of writing, the SOL daily chart showed a strong rebound from recent lows, with five consecutive green candles pushing the price toward $170.
The RSI was at 55.56 – neutral but leaning bullish – indicating room for further upside.
Meanwhile, the MACD crossed the signal line from below, suggesting a shift in short-term momentum.
Source: TradingView
However, with volume declining and price stalling just below resistance, bulls will need stronger conviction to keep the uptrend alive.
If SOL breaks above $170 with solid volume backing, it could set up a move toward $200.
However, without that breakout, a pullback remains likely as buyers show hesitation near key resistance levels.
