TL;DR

Solana retests $185–$190 resistance, with breakout targets at $205, $225, and $268 on charts. SOPR reading below 1 shows selling at a slight loss, signaling consolidation after a rally above $200. Whale wallets above 10,000 SOL hit record highs as the network briefly peaks at 107,540 TPS.

Solana Consolidates Near Key Resistance

Solana (SOL) traded at $182 at press time, recording a minor daily rise while holding a 4% gain over the past week. Daily trading volume reached $5.22 billion. 

Meanwhile, the daily chart shows Solana building an ascending triangle pattern. The asset has respected an upward trendline while testing resistance at $185–$190 several times. 

Analyst Jonathan Carter noted that Solana is retesting this barrier after an earlier false breakout. A confirmed push above this zone would validate the structure and could set the stage for further gains.

#SOL Ascending Triangle Retest in Progress‍

Solana is retesting the upper boundary resistance again after previous fake out on the daily chart

A confirmed bounce from this zone could validate the bullish structure and send the price toward targets at $205, $225, and $268 pic.twitter.com/jBq0nIftEk

The resistance holds steady at $185–$190. An upside breakout above this level can pave the way to $205, $225, and $268. Conversely, on the negative end, the ascending trendline at around $165 is also acting as a support zone, in addition to the 100-day moving average (MA100). A break below this level will weaken the existing structure.

Additionally, the Relative Strength Index (RSI) runs in the median range, demonstrating that there is still some upside potential before it can be overbought. The volume data also exhibits better activity during upward moves, which supports the bullish outlook.

On-Chain Data and SOPR Reading

On August 18, Solana was trading at a Spent Output Profit Ratio (SOPR) of 0.9988. Below-1 readings indicate that coins have already started moving at a loss, as profit-taking occurred earlier this month when SOPR was above 1 during the rally above $200. Moderate currents indicate consolidation around breakeven, with buyers weaker following recent highs.

Source: Glassnode Analyst Ali Martinez has cautioned that if resistance holds, Solana could retreat toward $180 or $160, areas that have acted as support before.

Network Performance and Whale Activity

Over the weekend, Solana briefly processed more than 100,000 transactions per second (TPS) on its mainnet, reaching a peak of 107,540 TPS. Most of the activity came from “noop” program calls, which are lightweight instructions used to stress-test capacity.

At the same time, wallets holding more than 10,000 SOL recently climbed to a new all-time high, showing accumulation by larger holders even as price movement remains mixed.