Solana Price Pullback Could Halt at $224 as Bullish Pattern Hints at New Highs
Solana’s short-term pullback may not be a setback. Despite mild selling pressure, on-chain metrics and chart signals suggest $224 could act as a strong floor before a potential breakout toward a new cycle high.
Solana’s latest pullback may not be what it seems. Despite a brief Solana price cooldown (0.6% day-on-day), the network’s on-chain and chart structure suggest that the pause could simply be a reset before the next major leg up.
At around $234, Solana is still up nearly 12% in the past week and 16% over the month, showing that momentum hasn’t faded, only softened. With short-term selling pressure meeting steady accumulation, $224 could be the zone where the current correction finds its floor before pushing forth for a new all-time high.
Short-Term Selling Meets Steady Holder Accumulation
Some profit booking has returned. Solana’s exchange net position change, which tracks the difference between coins entering and leaving centralized exchanges, flipped from –2.01 million SOL on October 3 to +1.82 million SOL on October 5.
Solana Selling Pressure Increases:
Glassnode
A positive reading means more tokens are being sent to exchanges, usually a sign that traders are preparing to sell.
Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter.
But this pressure is being balanced by mid-term holder conviction. Data from Glassnode’s HODL Waves, which show how long coins stay unmoved, highlight renewed accumulation among short- and mid-term holders.
- 1-week to 1-month holders: up from 9.55% to 13.2% of supply
- 1-month to 3-month holders: up from 12.6% to 14.65%
- 3-month to 6-month holders: up from 11.82% to 12.29%
Solana Buyers Are Still Active:
Glassnode
In simple terms, while some Solana traders are booking profits, smaller and mid-term wallets are quietly adding. This mix of selling and buying often marks a “healthy correction” rather than the start of a trend reversal. To know the correction floor, though, you would need to read through the next section.
Solana Price Breakout Setup Targets $279 and Beyond
On the daily chart, Solana trades within an ascending channel, a pattern characterized by gradually forming higher highs and higher lows. Inside the channel, there is a key Solana price level of $224, which has repeatedly cushioned pullbacks.
The latest dip, if it happens more aggressively, could most likely halt around this point, as despite the supposed selling pressure on exchanges, several cohorts are adding to their SOL stash.
Solana Price Analysis:
TradingView
Meanwhile, the Relative Strength Index (RSI), which measures momentum, shows a hidden bullish divergence. Between August and late September, the Solana price made a higher low while the RSI made a lower low. This usually confirms that an uptrend still has strength beneath the surface.
If the Solana price closes a daily candle above $245, it could open the way toward $279, the next major resistance. Based on the channel’s height, the potential breakout target from the upper trendline of the channel roughly aligns near $422 — a possible new cycle high if momentum sustains.
For now, the pullback looks less like weakness and more like a deep breath before Solana’s next move higher. Yet, a dip under $190 would invalidate the bullish outlook for now.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Wall Street giants collectively raise rate hike forecasts, US Treasury futures continue to fall, gold drops over 1% to break 4000
After the US October CPI exceeded expectations, Goldman Sachs and Nomura added a forecast for an interest rate hike in March next year, while Deutsche Bank included a forecast for a rate hike in January next year. Currently, the market has fully priced in a 25 basis point rate hike in December, with a 13% probability for a 50 basis point hike. On Wednesday, the US Treasury spot market was closed, but Treasury futures continued to fall, with corresponding yields rising by about 2 to 4 basis points, and spot gold came under pressure, dropping by 1.1%.
No Need to Worry About the Cooling Down of AI Data Center Construction? The US Import Boom Is Unlikely to Subside in the Short Term, Real Impact May Come in 2029
It takes an average of 4.8 years from finalizing investment to starting construction of a data center project, and an additional 2.6 years from construction start to becoming operational. Servers usually cannot be installed until after the building structure and racks are completed. For trade partners such as Taiwan (China), South Korea, and Mexico who rely on US data center supply chain demand, the inertia in construction timelines provides at least a one- to two-year buffer for future exports.
Federal Reserve Major Debate: When Should the Tenure of “Number Three” Williams End?
The main point of contention is whether Williams should step down in June 2028, upon completing a full 10-year term, or in June 2027, when he reaches the mandatory retirement age of 65. Analysts point out that the Federal Reserve Board holds ultimate discretion; if he leaves early, Fed Chair Waller would be able to assert greater control over the appointment to this critical position. However, forcing Williams to shorten his term could easily be interpreted as political manipulation. Williams himself is expected to serve until June 2028.
Crypto prices
More
