Solana (SOL) Holds Above $234 Despite 5% Pullback as Whale Accumulation Continues

Solana (SOL) Holds Above $234 Despite 5% Pullback as Whale Accumulation Continues - Blockchain.News

Quick Take

• SOL currently trading at $234.90 (-5.01% in 24h) • Solana's RSI at 64.68 maintains neutral-to-bullish positioning despite pullback • Network processed 2.9 billion transactions in August, matching Ethereum's lifetime volume

What's Driving Solana Price Today?

Despite today's 5.01% decline, SOL price remains supported by several fundamental catalysts that emerged over the past week. The most significant development came on September 14th when Solana's network processed 2.9 billion transactions in August 2025, effectively matching Ethereum's total transaction count since its 2015 launch. This milestone demonstrates unprecedented network adoption and validates Solana's positioning as a high-throughput blockchain solution.

Large holders have been aggressively accumulating SOL tokens throughout September, with whale accumulation patterns historically preceding major directional moves. This institutional interest coincides with growing speculation around potential Solana ETF approvals, with analysts predicting the SEC could announce its decision by October 16th.

The broader narrative remains bullish for SOL price, particularly given Solana's historical September performance. Over the past four consecutive years, SOL has closed September in positive territory with an average monthly growth rate of 3.17%, suggesting seasonal tailwinds could support further upside.

SOL Technical Analysis: Mixed Signals as Bulls Defend Key Levels

Based on Binance spot market data, Solana technical analysis reveals a complex picture with both bullish and cautionary signals. SOL's RSI currently sits at 64.68, maintaining a neutral position that allows for continued upward movement without entering overbought territory. This positioning is particularly encouraging given the recent 5% pullback.

The MACD histogram shows a positive reading of 2.4969, indicating bullish momentum remains intact despite today's price decline. Solana's MACD line at 12.1730 trades well above its signal line at 9.6761, suggesting the underlying trend structure remains supportive of higher prices.

Solana's position within the Bollinger Bands tells an interesting story. With a %B reading of 0.8391, SOL price sits near the upper band at $244.37, indicating strong momentum but also proximity to potential resistance. The middle band at $214.95 represents the 20-day moving average, which SOL continues to trade above by a significant margin.

Solana Price Levels: Key Support and Resistance

Current SOL price action has established clear levels that traders should monitor closely. The immediate resistance stands at $249.60, representing both the strong resistance level and the recent high from the current move. A break above this level could trigger renewed buying interest and potentially propel SOL toward the psychological $300 target that analysts have been discussing.

Solana support levels provide multiple safety nets for bulls. The immediate support at $193.78 aligns closely with the 50-day moving average at $195.23, creating a confluence zone that should attract buyers on any deeper pullback. The pivot point at $238.30 sits just above current SOL price levels, suggesting the market is testing this key technical level.

The strong support at $155.83 represents a more significant downside scenario, though current momentum indicators suggest this level remains distant. SOL's daily Average True Range of $11.06 indicates normal volatility levels, with the 24-hour trading range of $231.55 to $248.45 encompassing typical price movement.

Should You Buy SOL Now? Risk-Reward Analysis

For short-term traders, the current SOL price presents a nuanced opportunity. The 5% pullback from recent highs has created a more favorable entry point while maintaining the overall bullish structure. Traders could consider entering long positions near current levels with a stop-loss below the $230 psychological support, targeting the $249.60 resistance for a favorable risk-reward ratio.

Swing traders might prefer waiting for a deeper pullback toward the $225-$230 range, where the 12-day EMA at $225.35 could provide additional support. This approach would offer better risk management while still capitalizing on the broader uptrend that remains intact across all major moving averages.

Long-term investors should consider the fundamental backdrop supporting SOL price. The record transaction volume, whale accumulation patterns, and potential ETF catalysts create a compelling case for sustained upward momentum. However, the proximity to recent highs suggests patience could be rewarded with better entry opportunities.

Risk management remains crucial given SOL's volatility profile. The $193.78 support level should serve as a key risk gauge - a break below this level would challenge the immediate bullish thesis and warrant reassessment of positions.

Conclusion

SOL price currently navigates between bullish fundamentals and near-term technical resistance, creating both opportunity and caution for traders. While today's 5% decline interrupts the recent rally, underlying momentum indicators and whale accumulation patterns suggest the pullback may prove temporary. The next 24-48 hours will likely determine whether SOL can reclaim the $240-$245 range and challenge the $249.60 resistance, or if further consolidation toward Solana support levels becomes necessary before the next leg higher.

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