Solana (SOL) Price Prediction: Dual support from technical indicators and on-chain data, is SOL about to break 206 USD?

Supported by key trendline support and the dual support of the golden fibonacci retracement level, Solana (SOL)'s technical indicators are giving bullish signals, and the Stochastic RSI shows that it may be oversold or has already bottomed. On-chain data further indicates that whale addresses and retail investors (small SOL holdings) are synchronously increasing their SOL coin positions, with a surge in buying volume. Can the SOL price successfully break through the critical resistance level of $206 and initiate a new round of pump?

Technical Analysis: Key Support Bounce, Momentum Building Up

(Source: TradingView)

Solana (SOL) is continuing to accumulate bullish momentum after reaching a key confluence support area. This area is formed by the overlapping ascending trendline and the golden fibonacci retracement level (0.618–0.7).

This technical pattern indicates that Solana may be preparing for a new round of bullish momentum.

Further strengthening the bullish outlook is that, at the time of analysis, the Stochastic RSI is in the oversold zone - an important indicator suggesting that SOL may have found a local bottom.

Technical setup - a rebound at the support level combined with momentum indicators (such as Stoch RSI) resetting - is often a precursor to a strong bullish trend in trending markets.

On-chain data: Whales and retail investors are increasing their holdings in sync, forming a bullish consensus

However, the support for the bullish trend is not just coming from technical charts. Solana's on-chain metrics are also showing a positive trend. According to CryptoQuant's average futures order size data, SOL whale addresses (large SOL holders) have been quietly accumulating buy orders at the current trading price.

At the same time, the buying volume of retail investors (especially those holding less than 1 million dollars in SOL) has also surged significantly, reflecting a renewed confidence among small investors.

The synchronized accumulation behavior of Whales (large holders) and retail investors (small SOL buyers) indicates potential bullish strength, especially when it aligns with technical bullish signals, providing solid support for the SOL coin price.

Key resistance: Can it break through 206 dollars?

The next major obstacle for Solana's price may be the recent local high of $206. This price level is where previous sellers overwhelmed buyers.

If this dual accumulation trend is sustained—whales' buy orders provide key support while retail investors' capital inflows add upward momentum—then the likelihood of SOL successfully breaking through this key resistance level (206 USD SOL resistance) is very high.

Conclusion: Bullish strength is increasing, waiting for the breakthrough opportunity

Although the overall conditions of the crypto market and Bitcoin's dominance will still play a role, Solana's independent price movement and strong on-chain indicators indicate that its bullish strength is continuously increasing. The technical support rebound and momentum recovery, combined with the synchronized accumulation of whales and retail investors, have laid a solid foundation for SOL to attempt to break through the key level of 206 dollars. Investors should closely monitor the battle for this key resistance level.