Coinspeaker
Sep 17, 2025
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Solana Faces Key $239 Resistance Amid Whale Activity and Institutional Interest

Solana (SOL) traded near a resistance level of $239 on September 17. Analyst Ali Martinez highlighted this as a critical sell wall for bulls.

  • A whale transferred 100,000 SOL (worth $23.6 million) to OKX, potentially indicating short-term selling pressure.
  • FalconX withdrew 413,075 SOL (around $98 million) from exchanges, showing institutional interest.
  • Pantera Capital's Dan Morehead stated Solana is their largest position with $1.1 billion invested.

Despite potential volatility, Solana has seen a 30% monthly gain, trading around $236.

SOL Price Outlook

  • SOL is below the Bollinger upper band near $249; closing above it may boost bullish sentiment.
  • The midline around $217 provides strong support.
  • RSI suggests potential upside but advises caution.
  • If SOL breaks above $239-$240, it could target $250.
  • Failure to hold $230 support might lead to a pullback toward $217 and $200 levels.

SOL price chart with RSI and Bollinger Bands.

Meme Coin Activity

  • Wall Street Pepe (WEPE), a new meme coin, gains attention combining meme humor with trading themes.
  • Solana continues to be a hub for meme coin launches.
  • WEPE employs cross-chain dynamics, affecting Ethereum’s supply by burning equivalent dollar amounts.