Solana News Today: Profit Hesitation Haunts Solana's Post-August Momentum

Solana (SOL) price action in early September reflects a cooling trend after a robust performance in August. While the token has seen a 26% gain over the month and a 35.8% rise in the past three months, recent on-chain data highlights growing profit-taking pressure. As of September 3, nearly 95% of Solana holders were in profit, nearing a six-month peak of 96.59% observed on August 8. This elevated level of profit exposure has led to increased selling activity, particularly among short-term holders who peaked in their holdings on August 19 when the price was near $176. Their share of the supply has since declined to around 22%, indicating active profit booking [1].

Further evidence of selling pressure is reflected in the Chaikin Money Flow (CMF) indicator, which has weakened significantly. The CMF, which gauges the dominance of buying or selling pressure, stood at 0.31 on July 22 during a local high, signaling strong inflows. However, despite higher price highs since then, the CMF has dropped to –0.01, indicating that large buyers such as whales and institutions are not injecting new capital into the market. This divergence implies that the current price action lacks the support needed to sustain a rally, leaving the market vulnerable to a deeper pullback if key support levels fail [1].

Meanwhile, Solana continued to demonstrate strong network activity in August, processing 2.9 billion transactions and doubling the number of active addresses to 83 million. The blockchain generated $148 million in application revenue, a 92% year-over-year increase, outpacing all other blockchain networks. The ecosystem also recorded a record $43.8 billion in perpetual futures volume and $144 billion in decentralized exchange (DEX) volume, marking a 180% surge year-over-year. These figures underscore Solana’s growing adoption and utility as a high-performance blockchain platform [2].

Despite these on-chain and fundamental strengths, the price of SOL has not retested its all-time high. The token briefly reached $215 in August before pulling back to around $177 as of early September. On-chain data from Glassnode, however, suggests that the current accumulation by large holders—those with balances exceeding 10,000 SOL—could set the stage for a potential breakout. The growing number of high-value wallets indicates a long-term bullish outlook, as it reduces the circulating supply available on exchanges while signaling confidence among deep-pocketed investors [2].

From a technical perspective, Solana remains within an ascending channel, a bullish pattern as long as key support levels hold. The Supertrend indicator’s green line is positioned below the current price, reinforcing the bullish bias, while the Moving Average Convergence Divergence (MACD) continues to generate positive readings. If buyers maintain control within the ascending channel, the price could test the $218.55 resistance level. A clean close above this level would confirm a breakout and potentially push the price toward $252.10 near the 0.786 Fibonacci level [2].

In a related development, Layer Brett, a new Ethereum Layer 2 project, has emerged as a notable presale contender in early September. Unlike traditional meme coins like Pepe or Shiba Inu, Layer Brett combines the viral appeal of meme culture with real-world utility, including low gas fees, fast transactions, and scalability. The project has attracted significant attention during its presale phase, with early backers able to purchase tokens at $0.0053 and stake them for high APYs. This blend of meme-driven enthusiasm and technical innovation has positioned Layer Brett as a potential disruptor in the crowded meme token market [3].

Source:

[1] Profit Takers Hurt Solana Price — Here's Why a Respite ... (https://beincrypto.com/solana-price-profit-taking-rally-stalls/)

[2] Can SOL Price Break $250 After Solana 2.9B Transactions? (https://www.ccn.com/analysis/crypto/solana-transactions-following-sol-price-surge-august-whats-ahead/)

[3] Pepe vs Layer Brett vs Shiba Inu Price Predictions (https://www.mitrade.com/insights/news/live-news/article-3-1086591-20250902)