Solana News Today:

Solana’s price action in recent weeks has painted a complex picture of consolidation and profit-taking amid strong historical gains. Over the past month, the cryptocurrency has gained approximately 20%, and over six months, it has surged by 49%. However, recent on-chain data indicates that traders are actively booking profits, which has led to a flattening price over the past seven days and a 1.1% decline in the last 24 hours. Despite the short-term volatility, the asset remains up 35.8% in three months and 26% in the last month.

On-chain metrics suggest that the market is at a tipping point. As of September 3, 95% of Solana holders were in profit, a level close to the six-month peak of 96.59% recorded on August 8. This high percentage of holders in the green increases the likelihood of selling pressure as traders look to lock in gains. Historical data supports this view; when the percentage of profit supply dropped below 54% on August 2, the price was approximately $158.53. It then surged to $214.51 by August 28, indicating that significant price rallies often occur after a reduction in profit-holding.

The HODL Waves metric, which tracks the behavior of short-term holders, further reinforces this trend. These traders, who held SOL between one week and three months, reached a peak of 27% of the total supply on August 19, when the price was near $176. Since then, their share has decreased to about 22%, signaling active selling into strength. This dynamic is also reflected in the Chaikin Money Flow (CMF) indicator, which has weakened sharply from a high of 0.31 on July 22 to -0.01, suggesting that large buyers are not injecting new capital into the market. As a result, the lack of buying pressure leaves the price vulnerable to further pullbacks.

A critical support level has been identified at $197.64 by on-chain analyst Ali Martinez, who noted that over 32.81 million SOL tokens were accumulated at this price level, representing 5.46% of the total supply. This zone is seen as a key indicator of market sentiment—should the price fall below this level, it could trigger increased selling pressure and test lower support regions. Currently, the price is hovering around $202.37, slightly down from its recent peak, as investors await a clearer direction in the market.

Recent developments in the Solana ecosystem, including the NASDAQ uplisting of SOL Strategies, highlight growing institutional interest in the asset. The firm, which holds a substantial amount of SOL in its balance sheet, began trading on the Nasdaq Global Select Market on September 9. This move reflects broader confidence in Solana’s future and signals the entry of institutional players into the market. Other companies, including DeFi Development Corp and Upex, have also increased their Solana holdings, further reinforcing bullish sentiment among investors.

The Solana blockchain continues to strengthen its position in the DeFi and Web3 space, with a Total Value Locked (TVL) of $11.46 billion. Despite trailing Ethereum in TVL, Solana leads in daily dApp revenue, with $215.13 million compared to Ethereum’s $87.45 million. This indicates strong user adoption and liquidity, which are essential for maintaining the platform’s competitive edge. As the ecosystem continues to expand, the price of SOL will likely be influenced by broader market conditions and the pace of institutional adoption.

Source: [1] Profit Takers Hurt Solana Price — Here's Why a Respite ... (https://beincrypto.com/solana-price-profit-taking-rally-stalls/) [2] Solana At Critical Juncture: SOL Consolidates At $202 ... (https://blockchainreporter.net/solana-at-critical-juncture-sol-consolidates-at-202-analyst-identifies-key-support-to-sustain-bullish-momentum/) [3] SOL Strategies to List on Nasdaq: Solana Outlook and Why ... (https://www.mitrade.com/insights/news/live-news/article-3-1101445-20250906)