SOL Holds Above $234 as Whales Accumulate
Quick take
- SOL trading at $234.90 (-5.01% in 24h)
- RSI: 64.68 — neutral-to-bullish
- MACD histogram: +2.4969 (Binance spot data)
- Solana processed 2.9 billion transactions in August 2025, matching Ethereum’s lifetime transaction count since 2015
- Large holders increasing positions through September; SEC ETF decision eyed by October 16
Solana (SOL) pulled back roughly 5% today but remains resilient above the $234 level as on-chain and market signals point toward sustained interest. Price sits at $234.90 after the decline, yet technical indicators show room for recovery: the RSI is 64.68, keeping momentum in a neutral-to-bullish band, and the MACD histogram reads a positive 2.4969 on Binance spot market data.
Fundamentals are underpinning the buy-side narrative. The Solana network processed 2.9 billion transactions in August 2025 — a throughput milestone that, by itself, matches Ethereum’s cumulative transaction count since its 2015 launch. That scale of activity underscores Solana’s positioning as a high-throughput blockchain for DeFi, NFT and Web3 use cases, and adds weight to arguments for broader institutional adoption.
Whale accumulation has been a notable pattern throughout September, with large holders increasing exposure. Historically, such accumulation phases on Solana have preceded substantial directional moves, giving traders and investors a reason to watch flows closely. That institutional interest is also feeding speculation about potential Solana ETF approvals; analysts expect the SEC could deliver a decision by October 16, an event likely to amplify volatility across SOL, Ethereum and the broader crypto market — including Bitcoin-sensitive flows.
The technical picture is mixed but defensible. The recent pullback has trimmed short-term exuberance without flipping momentum bearish. Traders will monitor support around current levels and look for confirmation from volume and on-chain whale behavior. If the RSI holds and the MACD stays positive, upside attempts could resume; conversely, heavier outflows from large wallets would raise the probability of deeper consolidation.
Seasonality adds another bullish tidbit: Solana has closed September higher in each of the past four years, averaging a monthly gain of 3.17% across those periods. While past performance isn’t a guarantee, the combination of record transaction throughput, concentrated whale accumulation and ETF speculation creates a constructive backdrop for SOL in the near term.
Outlook: SOL faces a test of resolve around the $234 area. Bulls are defending key levels backed by strong network activity and institutional accumulation, but traders should prepare for headline-driven moves ahead of potential regulatory developments and continued macro-driven market dynamics.
