Solana’s recent price swings have been mirrored by dramatic movements in exchange balances.
According to Glassnode data, over 2.7 million SOL, valued at approximately $423 million, flowed back onto exchanges in just nine days, following a sharp inflow triggered by investor uncertainty.
Source: Glassnode
This reversal follows a FOMO-driven accumulation phase, during which a similar volume of SOL was bought in late May. The chart shows that speculative buying, quickly followed by profit-taking, has created heightened price volatility.
As investors continue to cycle between accumulating and exiting, SOL’s upward momentum is facing repeated resistance.
A parabolic move ahead?
According to crypto analyst Ali Martinez, Solana is on the verge of a massive technical breakout.
Source: X
His chart shows a textbook cup-and-handle formation, with SOL consolidating just below the crucial $200 resistance level.
A decisive move above this threshold could unlock a 5x to 10x bull run, potentially sending prices into the $1,000-$2,000 range.
While the formation points to long-term bullish momentum, the pattern remains incomplete until a breakout occurs.
Solana’s price action in the coming weeks could determine whether hype turns into historic gains.
Momentum builds, but bulls face a pivotal test
At the time of writing, the SOL daily chart showed a strong rebound from recent lows, with five consecutive green candles pushing the price toward $170.
The RSI was at 55.56 – neutral but leaning bullish – indicating room for further upside.
Meanwhile, the MACD crossed the signal line from below, suggesting a shift in short-term momentum.
Source: TradingView
However, with volume declining and price stalling just below resistance, bulls will need stronger conviction to keep the uptrend alive.
If SOL breaks above $170 with solid volume backing, it could set up a move toward $200.
However, without that breakout, a pullback remains likely as buyers show hesitation near key resistance levels.
