TL;DR

Solana holds $200 as bulls target $216 breakout, with $238 and the ATH levels in sight. $185–$190 order block aligns with trendline, offering support for a potential upward move. Institutions accumulate SOL, with Galaxy Digital and DFDV buying over $180M in recent days.

Price Testing Key Support, Eyes on $216

Solana (SOL) was trading at $203 at press time, up 2% in the past 24 hours and 8% over the past week. After flipping $200 from resistance into support, the price is holding above this level, which is now being retested.

Lennaert Snyder, a crypto analyst, notes that reclaiming $216 could set the stage for a move toward $238. He adds that the all-time high around $262 could follow if momentum builds.

“As long as it trades above $180, the daily uptrend is intact,” he said.

The range between $186 and $200 is viewed as a potential zone where buyers may step in after confirmation.

$SOL fighting for $200 support.

It flipped $200 resistance into support and still holding.

Reclaiming $216 triggers a rally to $238, after $238 the ATH is next.

As long as it trades above $180, the daily uptrend is intact.

Pullbacks are for longs after confirmation. pic.twitter.com/PX64G2IQwj

Bullish Structure Around $185–$190

A separate chart from CryptosBatman shows that SOL may approach a key zone between $185 and $190. This area has previously acted as a base for upward moves and also lines up with an ascending trendline that has held since July.

Price is pulling back from the recent high near $215, and the next move may depend on how it behaves in this support zone. If buyers step in again, the chart suggests that SOL could form a higher low and push back toward previous highs. The confluence between the trendline and the order block makes this a critical zone to watch.

Source: X In addition, heatmap data from Coinglass, shared by Ted Pillows, shows a high concentration of liquidity between $160 and $180. This zone contains stop orders and open leverage positions, making it a likely area for the price to sweep during market stress.

He said,

“$SOL has a decent liquidity cluster around $160–$180 level.” He added, “It could sweep the downside liquidity in September before a new ATH in Q4.”

If Bitcoin or Ethereum lose strength, altcoins like SOL may see sharper corrections before recovery.

Large-Scale Buying by Institutions

Institutional activity in SOL has picked up. Galaxy Digital moved 500,000 SOL (worth around $103 million) to Coinbase over the past five days.

Separately, DeFi Development Corp. (Nasdaq: DFDV) also confirmed the purchase of 407,247 SOL, valued at $77 million. This brings its total holdings to over 1.83 million SOL, now worth approximately $371 million.

The company stated it still holds $40 million in cash for future SOL purchases. These movements come at a time when the price is consolidating and technical levels are being closely watched.