Key Takeaways
Why did SOL falter at $250?
Selling pressure hit a daily average of $1 billion, and still, the high unrealized profits could be a near-term risk.
Can Solana rally higher?
Corporate treasury holdings hit 15 million SOL. The narrative could boost the uptrend into Q4.
Solana [SOL] has rallied nearly 16% in September, bringing its Q3 returns to over 50%. It rose from $144 to nearly $250 before price rejection ahead of the Fed rate decision.
But on the price charts, bulls still have a shot at surging above $250, provided the previous resistance of $220 is defended as support.
That level carried extra weight as unrealized profits and selling pressure mounted.
Source: SOL/USDT, TradingView
Solana’s unrealized profits spike
Glassnode data showed that Solana SOPR (Spent Output Profit Ratio) hit levels above 1.06, at press time, and contextually speaking, these levels previously marked local tops in 2024 and 2025.
The metric tracks the profitability of holders, and higher readings mean elevated unrealized profits that could heighten sell-off risk and price cool-off.
Source: Glassnode
Additionally, SOL holders have been locking gains at a daily average of $1 billion in mid-September, further reinforcing high selling pressure as the price surged near $250.
In other words, there has been significant profit-taking in the past few days as some players offloaded into the rally driven by ETF and treasury hype.
Source: Glassnode
Treasury and ETF narrative
Even so, sentiment stayed bullish in some corners.
Bitwise CIO Matt Hougan noted that the upcoming ETF approval and aggressive crypto treasury could still lift the asset higher.
In fact, Lookonchain backed the case, showing treasury firms holding over 15 million SOL. This demand, alongside ETF staking, could likely lead to higher repricing for the altcoin in Q4.
Source: Lookonchain
Overall, SOL stalled near $250 amid increased profit-taking, and with pending unrealized gains, the near-term risk couldn’t be ignored.
However, in the mid-term, the treasury trend and ETF expectations could boost bulls. To this end, the $220 support remains a key level for bulls.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
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