Solana (SOL) Price: Cryptocurrency Breaks $195 Resistance as Bulls Target $237

TLDR

• Solana (SOL) has surged nearly 22% in the past week, with a 13% jump in 24 hours
• Price broke through key resistance at $195, potentially targeting $237 and eventually $300
• Over $85 million worth of SOL left exchanges on August 11, reducing selling pressure
• A large short liquidation target of $95 million sits at $219.16, which could fuel further price increases
• Bullish indicators include a wedge pattern breakout and positive Chaikin Money Flow (CMF) at 0.12

Solana has experienced a remarkable price surge over the past week, catching many traders by surprise with its strong upward momentum. The cryptocurrency has jumped nearly 22% in seven days, with an impressive 13% gain in just 24 hours, breaking through the important resistance level at $195.

This price movement comes as inflation data in the United States came in lower than expected, raising expectations for potential interest rate cuts. Market participants now see over a 94% chance of a September rate cut, with speculation of up to three cuts before year-end.

The bullish sentiment has been reflected in derivatives markets, where Coinglass data shows Solana’s Open Interest has increased by 15% over the past week. On Binance, the long/short ratio stands at 2.08, indicating that more than 67% of traders are betting on continued price increases.

Technical analysis reveals that Solana has broken out from a converging wedge pattern on the daily chart. This pattern, characterized by lower highs and lower lows within a narrowing formation, often signals a trend reversal when price breaks above the upper boundary.

The breakout above $195 is particularly important as this level had acted as strong resistance for weeks. This price point corresponds to the 0.786 Fibonacci retracement level, making the breakthrough even more significant from a technical perspective.

Solana Price on CoinGecko

Key Price Levels Ahead

Looking at Fibonacci extensions, several key levels emerge as potential targets. After clearing $195, the next resistance sits at $206, followed by $237 (1.618 extension) and $287 (2.618 extension). These levels could be reached in the coming weeks if bullish momentum continues.

However, traders should remain cautious of potential pullbacks. If the price falls below $187, it might indicate the rally is losing steam. Given Solana’s history of quick price movements, even a brief test of lower levels remains possible.

On-chain data adds weight to the bullish case. Exchange netflows showed a significant shift on August 11, with over $85.6 million worth of Solana leaving exchanges. This movement typically indicates traders transferring coins to private wallets, which reduces selling pressure in the market.

Over the past month, outflows have consistently exceeded inflows, suggesting diminishing seller presence and strengthening buyer interest. Outflows of this magnitude are relatively rare and have historically preceded major price movements.

Short Liquidations Fuel Further Upside

The Solana price narrative gains additional support from short liquidation data. According to Bitget’s SOL/USDT liquidation map, a significant cluster of short positions between $165 and $195 has already been liquidated as prices moved higher.

The largest short liquidation target now sits at $219.16, worth almost $95 million. If Solana crosses $206 and approaches this level, another round of forced buying could occur, potentially accelerating the upward price movement.

Beyond $219, fewer large short positions exist, which could make the path toward $237 smoother unless new short positions develop at higher levels.

JUST IN 🚨: The odds of a September rate cut have soared to over 94% pic.twitter.com/E8copNJVuO

— Barchart (@Barchart) August 12, 2025

The Chaikin Money Flow (CMF) indicator currently sits around 0.12, showing positive but not excessive buying pressure. This figure remains below the recent peak of 0.35 seen in July, suggesting there’s still room for increased buying interest before the market becomes overextended.

If the CMF rises above 0.16 and maintains that level for a week, it would confirm strong buying interest and increase the likelihood of a rally toward $237. Conversely, a drop below zero would signal returning selling pressure, even if prices temporarily remain near $200.

Trading volumes have also increased during this price surge, providing further validation of the breakout. Higher volume during price increases typically confirms the strength of the move and suggests genuine market interest rather than a temporary price spike.

As Solana approaches the key $200 threshold, market participants are watching closely to see if this psychological level will act as resistance or if momentum will carry the price through to new local highs.

For now, Solana shows clear signs of a breakout with rising demand. The $206 level represents the next major test, followed by potential short liquidations near $219. If these levels are cleared, $237 becomes the next target, with $287 representing a stretched but possible objective if bullish conditions persist.

The coming days will be crucial in determining whether this is the beginning of a sustained uptrend or merely a temporary price spike in an ongoing consolidation phase.

Solana’s price now stands at a crossroads between establishing a new uptrend or facing rejection at key resistance levels as profit-taking emerges.