SOL is stagnating near the $200 mark – A 40% increase opportunity still exists.

The price of Solana (SOL) recently peaked at 206 dollars but has now adjusted to around 185 dollars. In the past 24 hours, SOL has fallen more than 6%, causing some traders to start worrying.

The initial price increase appeared strong, but currently there are signs of a slowdown. The big question is: Is this just a temporary pause before continuing to rise, or has a peak formed?

Although the price action seems "sleepy", on-chain data and transactions still indicate that there is plenty of room for growth – potentially up to 275 dollars, which corresponds to an increase of about 40% from the current level.

The cash flow on the exchange shows that selling pressure is falling

An important signal at this time is the amount of SOL currently on exchanges. In recent weeks, the number of tokens leaving the exchanges has exceeded the number being sent in.

This is a positive sign. When users withdraw tokens from the exchange, it often indicates that they do not intend to sell in the short term – they may be planning to hodl, stake, or transfer to a cold wallet.

Since mid-July, the cash flow has shifted strongly into negative territory and the columns on the chart are getting higher. This means that the supply on the exchange is decreasing and the number of tokens available for sale is also dwindling.

Net SOL line | Source: CoinglassThe supply fall aligns with the current sideways trend of the price. SOL remains above the $180 mark, even as other coins like ETH and ADA are declining.

If the trend of withdrawing tokens from the exchange continues, the selling pressure will fall. At the same time, with buyers still active, this could create momentum for the next price increase.

This is even more feasible if SOL surpasses the $218 mark, which is the Fibonacci level 0.786( and also the peak price from May. If it exceeds this threshold, the next target will be around the $275 area.

The futures market is leaning towards a bullish trend but is not too hot yet

Futures trading helps reflect the level of confidence of traders, and currently the signals look quite healthy. Funding rate ) funding fee ( for SOL futures is currently around 0.0168% – a fairly neutral figure.

This indicates that traders are showing a slight optimistic trend, but have not yet jumped into the market too aggressively.

If the funding rate skyrockets, it usually means there are too many Long positions, which can easily lead to a quick adjustment. However, the market is still maintaining balance.

![SOL ])https://img-cdn.gateio.im/webp-social/moments-ff6845be4267c5c840fddcce14b3fcf9.webp(The funding rate based on OI of Solana | Source: CoinglassAt the same time, the open contract )OI( is increasing. This indicates that more capital is flowing into the market and more people want to bet on price fluctuations.

When the funding rate is stable and OI increases, it reflects strong confidence: the bulls are present but without a greedy mentality.

This is the type of setup that helps sustain the price increase instead of collapsing due to overheating. Therefore, even though the price is temporarily stagnating, data from the futures market shows that this bullish trend still has momentum.

Momentum still leans towards the bulls

Regarding momentum indicators, the situation still favors the bulls. RSI – the index measuring the speed and magnitude of price changes is continuing to rise without showing a bearish divergence. This is a positive signal.

If the price rises while the RSI falls, it indicates that the upward momentum is weakening. However, in this case, both the price and the RSI are rising simultaneously. In other words, the strength of the upward trend is real.

![SOL ])https://img-cdn.gateio.im/webp-social/moments-abd24d4ec5da8f0203ea1b006227bfff.webp(The RSI of Solana | Source: TradingViewThe Bull–Bear Power indicator is also firmly in the green zone, indicating that buying pressure is stronger than selling pressure.

Even when the price slightly adjusts to 196 dollars, the chart still shows that the upward momentum has not been broken. The market seems to be just "gaining momentum" rather than reversing.

If the price can hold above important support areas like $183 or $168, then this adjustment phase may just be a pause before Solana continues to break out.

![])https://img-cdn.gateio.im/webp-social/moments-88d2d9c461894c29560ba6ce1c90f629.webp(Beef is under control | Source: TradingView## SOL needs to surpass the mark of 218 dollars to open the target of 275 dollars

When observing the daily price chart from a broader perspective, it can be seen that SOL is currently positioned just below a strong resistance area: the 199–200 dollar zone, a psychological level familiar to investors.

This is the price range where SOL was previously stalled in May, and it also coincides with the Fibonacci level of 0.786.

If the price can clearly break through this area, especially surpassing the $218 mark, then the room to rise to the target area of $275 – the full Fibonacci extension level – will be opened up.

![])https://img-cdn.gateio.im/webp-social/moments-9ba21b509551d214de93feced6116037.webp(Price action of SOL | Source: TradingViewHowever, until SOL surpasses the $218 mark, technically the price is still in a consolidation range. The current support levels are at $183 and $168.

These are important areas - previously serving as resistance during past rallies and now potentially becoming strong "support floors."

If SOL breaks below 183 dollars, the bullish pattern will weaken. However, at the current time, the technical structure remains intact and the momentum is still positive.

Some analysts on platform X are comparing SOL to LUNA, warning of the risk of a fall compared to BTC, ETH, and other coins. However, these opinions are mainly based on long-term time frame comparisons and do not reflect short-term on-chain signals.

Data, cash flow, momentum, and the current funding rate do not show any signs of panic. As long as the important support zones are not broken, SOL is still considered safe and has the potential to continue growing.

Minh Anh