Solana News Today: Solana Nears $190 Resistance With 4% Weekly Gains and $5.22 Billion Volume

Solana (SOL) has entered a crucial phase near the $185–$190 resistance level, with technical and on-chain signals pointing to a potential breakout rally. At $182 at the time of reporting, the asset has gained 4% in the past week, with daily trading volume hitting $5.22 billion. The price structure has formed an ascending triangle on the daily chart, characterized by an upward trendline and repeated tests of the key resistance zone [1].

Analyst Jonathan Carter noted that the current price action represents a retest of this resistance after a failed breakout earlier, suggesting a confirmed move above $190 could validate the pattern. This would potentially set the stage for price targets at $205, $225, and ultimately $268 [1]. Conversely, a breakdown below the ascending trendline near $165 or the 100-day moving average could signal a weakening of the bullish outlook.

The on-chain data also supports the narrative of consolidation. The Spent Output Profit Ratio (SOPR) is currently at 0.9988, below 1, indicating that selling is occurring at a slight loss. This is consistent with the recent profit-taking seen when Solana traded above $200, during which SOPR was above 1. The current reading suggests that the market is stabilizing around a breakeven range, with weaker buying pressure from retail investors [1]. Analyst Ali Martinez has warned that failure to hold above $185 could lead to a pullback toward $180 or $160, levels that have acted as historical support.

Meanwhile, Solana’s network performance has shown impressive resilience. Over the weekend, the network briefly hit 107,540 transactions per second (TPS), largely driven by “noop” program calls used to test capacity. At the same time, large whale wallets holding over 10,000 SOL have reached a record high, indicating ongoing accumulation by larger holders despite the sideways price movement [1].

The Relative Strength Index (RSI) remains in a neutral to bullish range, suggesting the asset has not yet entered overbought territory and could continue rising. Additionally, volume activity has been stronger during upward price moves, further reinforcing the bullish case [1].

While the indicators point to a possible breakout, a confirmed close above $190 will be necessary to trigger a sustained rally toward $268. A breakdown below $165, however, would likely shift the market sentiment to bearish.

Source: [1] Solana Price Setup Hints at Breakout Rally Toward $268 (https://cryptopotato.com/solana-price-setup-hints-at-breakout-rally-toward-268/)