Solana Price May Retest $206 Before Rallying to $217
Solana price is consolidating within a $195–$217 range after rebounding from $195 in August. Currently trading at $204, SOL faces immediate support at $206 and resistance at $217. A one-hour chart shows horizontal support clusters around $206, which, if held alongside robust $9.2 billion 24-hour trading volume, could trigger a move toward the $212–217 range. Institutional demand is rising: a U.S. Solana staking ETF recorded $15.8 million inflows in one day, lifting assets to $219 million and reinforcing near-term support around $200. On-chain metrics are mixed—NUPL at 0.30 signals profit-taking risk, and hodler net position change shows distribution. However, SOL trading above the 200-EMA on the four-hour chart and the recent double-bottom reversal from $165 suggest technical tailwinds. Monitoring Solana price reaction at $206 and ETF inflows will confirm a breakout to $217.
Bullish
The outlook is classified as bullish because sustained $9.2 billion trading volume concentrated between $200 and $206, coupled with $15.8 million of ETF inflows, demonstrates strong conviction and institutional demand for SOL. Historically, Solana’s double-bottom reversal from $165 in August led to a 20% price surge, underscoring how technical patterns and volume ramps can ignite rallies. Here, the 200-period EMA on the four-hour chart provides dynamic support near $200, while on-chain metrics, despite mixed signals from NUPL and reduced hodler positions, are offset by growing ETF allocations. If $206 holds with expanding volume, traders are likely to push SOL toward $217. However, failure to sustain this level could prompt a short-term retest of $195, highlighting the importance of defined risk management.