Solana price rally hit a wall this week after multiple failed attempts to break above $200, with prices sliding to $181.16, down 5.7% in the last 24 hours. The drop came with a 58% surge in trading volume, suggesting conviction among sellers as the network’s bullish structure faces its first real stress test since July.
The rejection at $200 marked Solana’s third failure at that level since August 14, triggering a sharp sell-off that invalidated a bullish inverse head-and-shoulders pattern forming on the 4-hour chart.
More concerning for bulls, the Solana coin has now breached the $182.89 support and is testing the 50-day simple moving average at $178.93. Historically, losing this level has triggered steep drawdowns, as July’s SMA break preceded a 25% decline.
Whale Inflows Signal More Pain Ahead for SOL
The biggest red flag comes from exchange flows. On August 17, 471,653 SOL, worth roughly $85.5 million, moved into exchanges, the largest single-day deposit since July. Galaxy Digital alone shifted 224,000 SOL (~$40.6M) to Binance and Coinbase.
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Historically, such inflows precede sell pressure, and with 94% of SOL holders still in profit, many appear to be taking gains after a 24% rally over the past 60 days. Unless these flows reverse into net outflows, overhead resistance near $190 is likely to harden.
Adding to the bearish tilt, Solana was hit with $31M in long liquidations during a $534M altcoin-wide wipeout as the Ethereum price fell 5%. With SOL’s year-to-date correlation to ETH at 0.89, sector-wide deleveraging remains a major risk factor.
Key Levels for Solana Price: $176 Support or $210 Breakout
Despite the red day, trader sentiment on X (Twitter) remains split between imminent breakout calls and cautious consolidation.
Analyst Henry told his 74k X followers that Solana is “one news away from the next pump,” highlighting higher lows and noting that a breakout above $210 with volume could trigger a “mega run.”
Others took a more measured view. AltGem Hunter pointed to $173.5 as immediate support, with deeper defense at $155.8, but maintained that “as long as the trendlines hold, the structure supports a move towards $215+.”
A third analyst and altcoin trader, Get Expensive, stressed that the Solana price is “consolidating around trendline support” and highlighted a dual setup: longs in the $167–$170 zone, or shorts at $247–$252 to catch late buyers.
This divergence of opinion shows that bulls remain in control structurally, but downside risk is mounting if key supports fail.
Technically, $178.93 (50-day SMA) and $176.55 (Fibonacci 61.8%) are the immediate lifelines for bulls. A close below these levels could open the door to July’s $157.40 lows.
For the SOL price to regain strength, it needs to reclaim $190 and establish $200 as support. This is essential to reverse the recent drop. If it moves past $210, analysts believe it could reach $240 to $250. However, large investors’ activity may affect whether this momentum sticks.
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