Solana’s price continues to face resistance around the $200 mark, a level that has proven difficult to break. After multiple attempts at recovery, the altcoin remains constrained just below this threshold. 

Despite broader market optimism, Solana’s inability to secure $200 as support has kept investors cautious and profit-taking active.

Solana Profits Remain Volatile

Recent data shows that Solana’s supply in profit has been highly volatile. Within just 48 hours, the percentage of SOL ($141.42) supply in profit jumped from 52% to 70% — an 18% increase — while the price itself rose by less than 5%. This disparity suggests that many holders accumulated their tokens around the $200 level.

When Solana’s price dips, these profits vanish quickly, leading to renewed selling pressure. The sharp fluctuations confirm that $200 remains a critical psychological and technical barrier. 

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Solana Supply In Profit. Source: Glassnode

Exchange data reinforces this cautious outlook. Over the past 10 days, approximately 1.5 million SOL — valued near $300 million — has been moved to exchanges. This trend indicates that many holders are choosing to sell rather than accumulate, reflecting a prevailing bearish sentiment across the market.

The rising exchange balance often precedes short-term corrections, as higher supply on trading platforms increases the risk of sell-offs. Unless inflows slow down or strong buying interest emerges, Solana may continue facing downward pressure.

Solana Exchange Balance. Source: Glassnode

SOL Price Needs To Find Strength To Rally

At the time of writing, Solana trades at $197, sitting just below the $200 resistance. This price level has repeatedly acted as a ceiling, preventing a sustained recovery. For a decisive breakout, SOL must secure $200 as a firm support base to confirm bullish strength.

If selling pressure persists, Solana’s price could drop below $192, with potential declines toward $183 or even $175. The continued rise in exchange balances and unstable profit-taking activity support this near-term bearish scenario.

Solana Price Analysis. Source: TradingView

However, if Solana manages to climb above $200 and extend gains to $213, it could invalidate the bearish outlook. A clean breakout above $200 would likely attract renewed investor interest, improving sentiment and reducing short-term volatility.

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