Solana News Today: Solana Rises 2.5% as Exchange Balances Drop 10% and ETFs Attract $137.4M Inflows

Solana (SOL) has shown renewed technical strength following a successful rebound from a critical support area near $155. The price level acted as a confluence of key technical factors, including an ascending trendline and a Fibonacci retracement range between 0.618 and 0.7, providing a solid foundation for potential upward movement [1]. Currently trading at approximately $167.99, SOL has gained 2.50% in the last 24 hours after experiencing a 10% dip earlier in the week, a correction that appears to be short-term rather than a sign of a broader downtrend [1].

Technical indicators are increasingly favoring the bulls. The Stochastic RSI entered oversold territory during the recent decline, suggesting that Solana may have found a local bottom, a condition that often precedes a strong upward move in trending markets [1]. On the chart, SOL is now approaching the upper resistance of a descending channel. The declining volume during these tests implies weakening bearish pressure, which could lead to a breakout [1].

The bullish case is further supported by on-chain data. Exchange balances for SOL have dropped by 10%, signaling reduced availability of coins for immediate sale. This reduction in potential sell pressure supports price stability and may precede a new upward trend [1]. Institutional interest is also on the rise, as Solana ETFs have attracted $137.4 million in net inflows since mid-July. Notably, July 24th saw a spike of $13.4 million in ETF inflows, indicating periods of strong institutional accumulation [1].

Meanwhile, Solana’s ecosystem has shown robust growth. According to DeFiLlama, the Total Value Locked (TVL) in native SOL has reached a 3-year high [1]. This metric reflects not just dollar-based growth but actual network utilization, as more SOL tokens are being deployed in DeFi protocols than at any point since the last market cycle. Rising TVL underscores growing user engagement and activity on the Solana blockchain, providing a fundamental basis for further price appreciation [1].

Accumulation is also evident among whale investors, with large holders quietly placing orders at current trading prices [1]. At the same time, retail traders—particularly those with positions under $1 million—have seen a surge in buying volume, reinforcing the broader bullish momentum.

Looking ahead, Solana faces a key resistance level at $206, a price that previously saw heavy selling pressure. A successful breakout could open the door to further gains. Analysts using Elliott Wave theory suggest potential price targets of $214 and even $250 by late August or early September [1]. In the short term, maintaining a price above $176 would confirm the continuation of bullish momentum, while the $155 support level remains critical on the downside.

The developing golden crossover on the daily chart—where shorter-term moving averages begin to cross above longer-term ones—adds another classic bullish signal to the mix [1]. Taken together, Solana’s recent price action, strong fundamentals, and favorable technical indicators suggest the asset may be positioning itself for a meaningful upward move as we approach the fall season [1].

Source: [1] Solana (SOL) Price: Exchange Balances Drop 10% As Market Eyes $206 Resistance Level (https://blockonomi.com/solana-sol-price-exchange-balances-drop-10-as-market-eyes-206-resistance-level/)