Solana jumped 9% as the price ran past $190 and briefly touched $216, drawing in new buyers. Long-time holders used the strength to cash out, sending sizable amounts of SOL to exchanges and pressuring the rally. With $200 now acting like a ceiling, the next move depends on strong volume and new demand absorbing coins sold by early buyers.
The pump took SOL past $190 and, for a moment, to $216, which attracted fresh participation. At the same time, the “old hands” shrank their stacks, using the jump as a chance to lock in profits.
On-chain signals show net outflows from hodlers and Coin Days Destroyed spikes as older coins move. The hodler-net-position-change chart indicates more coins leaving wallets than entering, and five-year-old coins waking up has driven notable CDD surges.
Large transfers hit exchanges near the peak, reinforcing $200 as resistance. One wallet that received 222,000 SOL in 2019 sent about $40 million to Coinbase Prime, and roughly $432 million in SOL flowed to exchanges around the $216 high, turning each push toward $200 into a wall of sell orders.
Upside scenarios hinge on a strong close above $215 and sustained volume. Some traders see $250–$300 if SOL closes above $215 on strong volume, with the most bullish targets at $500 next year or even $1,000 later—but only if fresh buyers swallow the coins that veterans dump.
What the move means for Solana
The combination of higher prices and veteran selling can produce sharper dips and bigger day-to-day swings. With fewer buy orders waiting at lower levels, pullbacks can turn sudden; if bids fail to appear, the price can fall back hard, and the market will treat the rally as durable only if volume stays high while old coins settle on exchanges.
The on-chain picture suggests profit-taking rather than panic. In plain words: “No one is panic-dumping — veterans just take chips off the table.”
The first immediate test is whether SOL can hold $192. A fall through that line invites the correction outlined above, and until the tide of old coins onto exchanges eases, the 9% lift risks becoming a local peak rather than a base for the next leg up.
In conclusion, the path forward hinges on absorption of supply and confirmation above key levels. If strong volume and fresh demand offset veteran selling, the ceiling near $200–$215 can give way; if not, supports at $192, $182 and $161 become the focus as the market reassesses the move.
