Solana (SOL) Breaks Past $247 as Network Processes 2.9B Transactions

Solana (SOL) Breaks Past $247 as Network Processes 2.9B Transactions - Blockchain.News

Quick Take

• SOL currently trading at $247.40 (+1.80% in 24h) • Solana's RSI at 72.69 indicates overbought conditions with potential reversal risk • Network processed 2.9 billion transactions in August, matching Ethereum's total since 2015

What's Driving Solana Price Today?

The primary catalyst behind SOL price momentum this week stems from Solana's remarkable transaction milestone announced on September 13th. The network processed 2.9 billion transactions in August 2025 alone, effectively matching Ethereum's entire transaction history since 2015. This achievement demonstrates Solana's superior scalability and has contributed to a 2.3% price increase following the announcement.

The transaction milestone underscores Solana's position as a high-throughput blockchain capable of handling enterprise-level demand. With daily volumes reaching $895 million on Binance spot markets, institutional and retail interest continues to build around SOL's utility as both a trading asset and network token.

Additionally, historical analysis suggests September could bring further upside for SOL price. Data shows Solana has closed September in positive territory for four consecutive years, with an average monthly growth rate of 3.17%. While this historical trend provided initial optimism earlier in the month, the recent transaction milestone has become the dominant price driver.

SOL Technical Analysis: Overbought Signals Emerge

Current Solana technical analysis reveals a mixed picture with strong bullish momentum tempered by overbought conditions. SOL's RSI reading of 72.69 indicates the asset has entered overbought territory, typically signaling potential for short-term consolidation or pullback.

The MACD configuration supports continued bullish sentiment, with the main line at 12.78 well above the signal line at 9.17. The positive histogram value of 3.61 confirms that Solana's upward momentum remains intact despite overbought RSI conditions.

Solana's positioning relative to its Bollinger Bands presents another important technical consideration. With a %B value of 1.06, SOL price has broken above the upper band at $243.98, indicating extreme bullish momentum that often precedes either continuation breakouts or mean reversion moves.

The moving average structure strongly favors bulls, with SOL trading above all key averages. The 7-day SMA at $230.87 provides immediate support, while the 20-day SMA at $213.38 offers stronger backing. Most notably, Solana maintains a significant premium to its 200-day SMA at $160.52, confirming the long-term uptrend remains intact.

Solana Price Levels: Key Support and Resistance

Based on current technical patterns and recent price action, several critical levels define SOL's near-term trajectory. The immediate resistance sits at $249.60, representing both the 24-hour high and a psychological barrier that has capped recent advances.

Should SOL price break above this level convincingly, the next target aligns with the 52-week high at $261.97. This represents roughly 6% upside from current levels and would likely trigger additional momentum buying from technical traders.

On the downside, Solana support levels offer multiple defensive zones for bulls. The first support appears at $235.73, marking the recent 24-hour low. More substantial support exists at $185.58, which corresponds to key Fibonacci retracement levels from the recent rally.

The strongest Solana support level sits at $155.83, roughly 37% below current prices. This level aligns with previous resistance-turned-support and represents a critical hold zone for maintaining the broader uptrend.

Should You Buy SOL Now? Risk-Reward Analysis

For aggressive traders, the SOL/USDT pair presents an interesting setup despite overbought conditions. The combination of strong fundamental news and technical momentum suggests potential for a breakout above $249.60. However, position sizing should account for the elevated RSI reading and proximity to resistance.

Conservative investors might consider waiting for a pullback toward the $230-235 range, where the 7-day moving average could provide support. This approach offers better risk-reward dynamics while still capturing exposure to Solana's strong fundamental narrative.

Day traders should monitor the $247-249 range closely, as this zone represents the current battle between bulls and bears. A decisive break above $249.60 on strong volume could trigger momentum toward $260, while rejection might lead to consolidation back toward $240.

Based on Binance spot market data, the daily ATR of $10.74 suggests normal volatility levels, making position management more predictable for both short and long-term strategies.

Conclusion

SOL price action reflects the positive impact of Solana's transaction milestone, though technical indicators suggest caution in the immediate term. The overbought RSI reading and proximity to resistance at $249.60 warrant careful position management over the next 24-48 hours. Traders should watch for either a momentum breakout above resistance or a healthy pullback to support levels for optimal entry opportunities. The fundamental backdrop remains strong, supporting the case for continued upside once current overbought conditions resolve.

Image source: Shutterstock