After gaining 20% over the past month and over 49% six months ago, Solana (SOL) now experiences a critical moment that could determine its next major movement. The asset has dropped below $210 and has been down 0.1% in the last seven days, raising questions whether its market rally has exhausted. As SOL continues its consolidation phase, renowned market analyst Ali Martinez today pointed out $197.64 as the most important support level in the current market structure. According to Ali, $197.64 is acting as a foundational support zone, and staying above this level is crucial for the asset to maintain its bullish momentum.
UTXO Data Shows Vital Support at $197.64
The analyst shared new on-chain insights into the Solana market, which revealed the next major support zone amid a bearish outlook noted recently. As per metrics reported by Ali, Solana’s UTXO Realized Price Distribution (URPD) suggests the $197.64 zone as the most significant support region, backed by substantial investor activity.
According to the data, over 32.81 million SOL tokens were accumulated at $197.64. Based on the data, 5.46% of SOL’s supply is in the $197.64 level – this is the price level at which 32.81 million SOL tokens were bought.
This price mark provides important support for SOL. According to Ali, this is a very vital support region that could either hold the current price steady or trigger more selling pressure to develop if SOL moves below this region. The analyst believes that Solana needs to stay above $197.64 to keep the consolidation from getting worse. If SOL moves below this zone, this could imply that the market is weak and therefore the asset is more likely to test lower support regions.
What Next For SOL?
The asset’s price currently stands at $202.37, down 0.1% over the past week, showing its consolidation before its next substantial directional move. While short-term price movements signal bullish, bearish divergences, the strong $197.64 support mark keeps bullish sentiment intact among investors.
Some of the major recent developments that are sustaining Solana’s price include SOL Strategies’ NASDAQ uplisting and potential approval of Solana ETFs this October.
Today, Solana attracted attention as a Canadian blockchain company, SOL Strategies, secured a landmark approval to list its shares on the US stock market, the Nasdaq Exchange. According to an announcement made today by the firm, SOL Strategies will start trading its equities on the Nasdaq Global Select Market on Monday next week, September 9. The listing is not just a huge milestone for the Solana-focused firm, but also indicates a greater depth of organizational interest for Solana itself.
SOL Strategies is one of the major companies holding significant amounts of SOL tokens in their balance sheet. With a treasury of $400,000 SOL worth $84 million under its financial portfolio, SOL Strategies is one of the leading organizations with a strong conviction in Solana.
It is an indicator that institutions are embracing the Solana market. DeFi Development Corp currently holds 846,000 SOL after its recent purchase of $39.76 million worth of SOL. While Upex holds over $100 million in Solana under its financial reserves, several public firms are making arrangements to operate their Solana treasuries. These developments not only reflect trust from institutional and retail investors but also drive a narrative boost for Solana.
