Whales Sell, ETF Hype Builds – Can Solana Hold $200?

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Solana (SOL) finds itself stuck in the middle of a cosmic tug-of-war. On one side, we have whale wallets transferring huge chunks of tokens to exchanges, and on the other, a growing optimism about the impending launch of the SOL ETF. It’s like watching a soap opera, but with more blockchain and fewer dramatic music cues.

Now, the burning question is: Can SOL hold its ground in the $190-200 range, or will it be tossed around like a ragdoll in a crypto wrestling match? If it does, we might just see a new bullish wave. Or not. Who can say? 🤷‍♂️

Whale Sell-off or Portfolio Rebalancing?

Here’s the thing: recent on-chain data has shown some big movements in Solana’s wallet ecosystem. Forward Industries decided to send a whopping $192 million worth of SOL over to Coinbase-because, you know, who doesn’t love a good Coinbase transfer? Meanwhile, Galaxy Digital followed suit, shifting 250,000 SOL (roughly $50 million) to Binance. Seems like whales are having a little movement session, right?

But wait! There’s a twist. Optimism is growing around the upcoming SOL ETF. Oh yes, 21Shares filed a Form 8-A(12B) with the US SEC. That’s fancy talk for “We’re almost there!” The ETF could be just the thing to absorb some of those whale-sized dumps of SOL, potentially bringing in some institutional investors, if they don’t all get distracted by something shinier in the meantime.

Support Test, Price Gaps, and The Next Move for SOL

Technically speaking, SOL has recently broken out of an 18-month reaccumulation range. Think of it like trying to get out of your mom’s basement after 18 months of playing video games. The range was between $100-200, but now SOL is above $200 and moving towards even higher resistance levels. Analyst Ali suggests $260 could be the next milestone. Sounds optimistic, doesn’t it? 📈

Using the mystical powers of Elliott Wave theory, another analyst suggests that the recent pullback could be a corrective wave 2 (because who doesn’t love a good correction?). That means wave 3 could soon follow, bringing an explosion of upside potential. Just make sure your seatbelt is fastened. The $190-200 range is like the VIP lounge for long-term accumulation. If SOL manages to push past $287, we might be looking at a breakout to $550. Yes, really. 💥

According to BeInCrypto, if SOL manages to chill above $190 and shows some strength in the $172-197 area, it could enter what we call an “accumulation phase.” But traders, don’t get too comfy: keep an eye on the $215-224 range, which is now acting like an uninvited guest at the party-present but not particularly welcome.

Oh, and here’s a fun little tidbit: while ETH has already filled its fair value gaps, SOL still has an unfilled gap around $204-210. It’s like SOL is the last one at the buffet, looking for the last of the chips. This makes SOL a stronger candidate for short-term trades. 🤑

“SOL, on the other hand, hasn’t filled the gap yet, making it likely a better bet than ETH for short-term trades,” said the analyst who clearly enjoys crypto dinner parties.

if Solana can hold the $190-200 range, fill the $204-210 gap, and push past $260, it could be all systems go. But, if whales keep unloading their positions, we might see SOL taking a leisurely stroll back to the $100-150 zone before getting ready for its next big rally. Grab your popcorn, folks. 🍿

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2025-10-16 17:03