Solana (CRYPTO: SOL) is once again pulling back close to the $200 level, but market observers see a move toward $300 coming soon.
What Happened: In a detailed X post, crypto chart analyst Ali Martinez highlighted Solana's test of the $205–$207 resistance zone, which has rejected three previous rallies.
This time, however, SOL briefly broke above to $212, sparking optimism that the breakout could stick.
Unlike past attempts, social sentiment remains subdued instead of euphoric, suggesting less risk of a crowded top.
On-chain data shows roughly $1 billion in realized profits, yet strong accumulation between $165–$207 is acting as downside support.
Overall, with subdued sentiment, strong accumulation, and minimal resistance overhead, this breakout attempt has a higher chance of succeeding than past failures.
If SOL holds above $212–$215, Martinez said, there is little historical resistance until $300.
Why It Matters: Glassnode data shows Solana is trading near its mean price of $210.
If defended, the next key test is the +0.5σ MVRV band near $275.
Supporting the bullish setup, Solana's stablecoin supply has risen to $12.17 billion, just 7% below its all-time high.
Martinez also noted about 18.56 million SOL, worth roughly $4 billion, was accumulated around $180, strengthening support levels.
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