Institutions accumulate SOL, with Galaxy Digital and DFDV buying over $180M in recent days.
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.
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.
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.
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.
