Solana (SOL) Price: Technical Support at $230 Critical for Breaking $250 Barrier
TLDR
Solana price hovers around $250 after 16% rise in September
17 treasury firms now hold 17.1 million SOL (nearly 3% of supply)
$230 support level critical for maintaining bullish structure
Galaxy Digital purchased 1.2 million SOL on September 15
85% of all tokens issued on major crypto networks now live on Solana
Solana has caught the eye of investors as its price holds steady around the $250 mark after experiencing a 16% rise in September. While some profit-taking has occurred at this level, several factors point to continued strength for the cryptocurrency in the coming months.
The selling pressure remains high with an average daily volume of one billion dollars. Glassnode data shows that high unrealized profits have increased short-term liquidation risk.
Despite this selling pressure, SOL has maintained key support levels. The $230 support has proven resilient against waves of profit-taking, providing a foundation for bulls in the medium term.
The 2H chart and Volume Profile highlight this $230 support as essential. If this level fails, SOL could drop between $227 and $222, making the latter a crucial threshold for maintaining the bullish structure.
Currently, SOL appears to be consolidating between $230 and $243. A breakout above $243 would clear the path for testing new highs.
Institutional Interest Growing
Institutional involvement in Solana has reached new heights. According to Strategic SOL Reserve data, 17 treasury management firms now hold 17.1 million SOL, representing nearly 3% of the entire supply.
These are not short-term traders but deep-pocketed players looking for substantial returns over time. Forward Industries, the leading Solana Treasury company, raised an impressive $1.65 billion to purchase more SOL and deploy capital directly into Solana’s DeFi ecosystem.
Galaxy Digital, led by Mike Novogratz, has been particularly active. The firm purchased an additional 1.2 million SOL on September 15, bringing its total holdings to approximately 6.5 million SOL.
Galaxy also helped Forward Industries complete its funding round, demonstrating strong conviction in Solana’s long-term prospects.
Ecosystem Expansion
Solana’s ecosystem continues to expand at a rapid pace. Out of 100 million tokens issued on all major crypto networks, 85 million now exist on Solana. This represents 85% of all token launches across the cryptocurrency space.
This dominance reflects Solana’s appeal as a low-fee, high-speed blockchain infrastructure. Developers are choosing Solana for everything from DeFi protocols to NFT projects and payment solutions.
The network is also seeing a surge in stablecoin inflows, with increasing amounts of USDC and USDT moving onto the blockchain. This fresh liquidity provides fuel for further price action.
Another positive indicator is the all-time high of Bitcoin on Solana. The increasing supply of wrapped BTC on the network shows cross-chain investors seeking yield through Solana protocols and DeFi products.
This influx of Bitcoin represents a vote of confidence in Solana’s technology stack and security model. The deeper integration between Bitcoin and Solana creates more robust market connections.
The weekly chart and MRC indicate a potential target between $350 and $480 if SOL breaks above the $258 resistance level. The two-week chart shows a massive resistance zone at $260, and breaking through this level could trigger an explosive upward move.
Corporate treasury holders now own 15 million SOL, which could help drive the positive trend through the fourth quarter. The imminent approval of Solana-linked ETFs might provide additional momentum for price growth.
The $230 support level will play a crucial role in Solana’s ability to sustainably break through the $250 barrier. Maintaining this support will be critical for bulls in the coming weeks.
Solana has shown remarkable technical resilience while attracting serious institutional investment. With strong fundamentals and growing ecosystem adoption, SOL price may have plenty of room to climb in the coming months.
The post Solana (SOL) Price: Technical Support at $230 Critical for Breaking $250 Barrier appeared first on Blockonomi.
Filed under: Bitcoin - @ September 18, 2025 11:28 am