Solana [SOL] is reclaiming center stage in the crypto market as both retail and institutional interest ramps up. Recent price movements and surging exchange activity suggest that SOL may be on the verge of a major shift — either toward new highs or a short-term retracement.
Exchange Activity Signals Market Uncertainty
Data from Glassnode reveals a significant uptick in SOL movements across exchanges. In just nine days, over 2.7 million SOL — worth approximately $423 million — flowed back to centralized platforms. This reversal follows a period of FOMO-driven accumulation in late May, indicating that traders may be rotating from holding to profit-taking.
Such rapid shifts in exchange balances reflect a tug-of-war between bullish optimism and cautious selling. This cyclical behavior is contributing to Solana’s volatile price swings, with resistance levels repeatedly tested but not decisively broken.
Technical Setup Hints at a Potential Breakout
Despite the choppy action, market analysts see signs of a major bullish breakout forming. According to crypto analyst Ali Martinez, SOL is displaying a classic cup-and-handle pattern on the daily chart. The price has been consolidating just below the key $200 level — the final hurdle before a potential parabolic run.
#Solana $SOL breaking above $200 could catalyze a major 5X to 10X bull run! pic.twitter.com/WlkH38xE0O
— Ali (@ali_charts) June 10, 2025
Should SOL close above this resistance with high volume, Martinez suggests a target zone between $1,000 and $2,000, representing a 5x to 10x gain. However, the pattern remains incomplete, and without a breakout, bullish momentum could fizzle.
Market Indicators Flash Mixed Signals
As of now, SOL is trading around $170 after five straight days of gains. The Relative Strength Index (RSI) sits at 55.56 — a neutral yet slightly bullish reading — while the MACD recently flipped positive, indicating growing short-term strength.
Still, declining trading volume and hesitation near key resistance levels suggest bulls face a critical test. A breakout above $170 backed by volume could reignite momentum toward $200. But failure to push higher may lead to a near-term pullback.
Also Read: Solana (SOL) Recovers from May Losses, But Liquidity Crisis Threatens Rally
In this high-stakes moment for Solana, the next move could define the asset’s trajectory for weeks — or even months — to come.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
