Following a steep correction, Solana price has bounced back above a key support level, driven by whale accumulation and growing institutional demand.
Summary
- Solana price has reclaimed the $200 level after last week’s sharp selloff, gaining nearly 3% on the day.
- CME’s new Solana options added institutional confidence and liquidity with over 540,000 SOL contracts traded.
- SOL’s price now faces a key test near $235, reclaiming it could reignite the uptrend, while failure to do so may confirm a bearish reversal toward $155 or even $130.
Solana has climbed back above the $200 level, trading around $200.55 as of this writing on Oct. 14 after gaining nearly 3% on the day. The move comes after last week’s sharp market selloff, which dragged the token as low as $178.
Despite the rebound, Solana (SOL) remains down about 14% over the past seven days. Before the dip, SOL had been consolidating near $230 but struggled under persistent selling pressure tied to broader market weakness and profit-taking.
The recovery appears to be fueled by renewed whale accumulation and strong institutional inflows. On-chain platforms such as Hyperliquid and Arkham show large wallet addresses opening new long positions and buying heavily around the $180–$200 range.
Spot exchange data from CoinGlass indicates nearly $3.5 billion in trading volumes over the past 24 hours, while decentralized exchange volumes hit record levels.
Institutional interest has been further supported by CME Group’s recent launch of CFTC-regulated options trading for Solana, joining Bitcoin, Ethereum, and XRP. The move has boosted liquidity and investor confidence, with CME reporting more than 540,000 SOL contracts traded since March, representing a notional value exceeding $22.3 billion.
While these factors have helped the asset recover from last week’s lows, the path to reclaiming its earlier highs remains uncertain.
Solana price faces key test as market action hints at possible trend shift
Solana’s recent price action suggests a critical juncture that could determine its next major move. The asset has been in a steady uptrend since its June low near $130, consistently forming higher highs and higher lows.
However, that structure weakened toward the end of September when SOL set a new low around $190, and bounced higher but failed to surpass the previous peak near $250. The latest pullback broke below the $190 mark, raising the possibility of a trend reversal.
Momentum indicators such as the Trend Strength Index (TSI) also reflect weakening bullish momentum, as readings remain below neutral. If Solana fails to reclaim higher levels and continues setting lower lows, confirmation of a bearish reversal could follow, with potential downside targets between $155 and $130, zones that previously acted as strong support.
On the other hand, if institutional demand and on-chain activity remain strong, Solana price could regain upward momentum. A decisive move above $235 would invalidate the reversal setup and signal renewed strength, potentially paving the way for a retest of prior highs and even a run toward its all-time high from earlier this year.
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