Solana Price Prediction: On-Chain Growth and Technicals Align for Next Bullish Leg Towards $259

After weeks of steady climbs, Solana is now holding firm around the $190 mark, a level that has flipped from stubborn resistance into solid support. The move comes as the SEC delays its decision on the Bitwise Spot Solana ETF, extending the wait but not dropping long-term optimism.

The SEC has officially extended its review period for the Bitwise Spot Solana ETF application, meaning a final decision will take a little longer than initially expected. While this delay may pause immediate market reactions, it does not indicate a rejection; regulatory processes often involve additional review periods before an approval or denial is issued.

Solana’s spot ETF decision faces an SEC delay. Source: SolanaFloor via X

For Solana, the extended timeline simply pushes the potential milestone slightly further out, but expectations for a spot ETF remain intact. Historical trends with Bitcoin and Ethereum ETFs show that delays are a normal part of the process, often preceding eventual approvals. Investors and market watchers will now be watching closely for the new decision date, as it could still serve as a key catalyst for SOL’s next major move.

The latest chart from analyst Ali Martinez shows Solana respecting a long-term ascending trendline that has been in place since early 2025. Price is currently consolidating just above the $195 to $200 zone, which also aligns with a key horizontal resistance-turned-support level. This structure is supported by a series of higher lows, suggesting that buying interest has remained consistent throughout the climb.

Solana holds steady above the $195–$200 support zone, with higher lows signaling sustained bullish momentum. Source: Ali Martinez via X

If this support continues to hold, the next resistance zones to watch are around $230, $270, and $310, with an extended target near $360 based on Fibonacci extensions. A dip towards the trendline at $175 could lead to fresh buying once again; however, maintaining the higher low structure will be essential for keeping the SOL bullish outlook intact.

On-chain data from analyst Ali shows that the number of wallets holding 10,000 or more SOL, roughly $2 million at current prices, has hit an all-time high of 5,224. This rise in large holders suggests growing involvement among high-capital participants, even as price trades within a consolidation range. Historically, such accumulation phases by bigger players have often preceded periods of stronger price momentum.

Large Solana wallets holding 10,000+ SOL hit a record 5,224, signaling growing high-capital accumulation. Source: Ali via X

The chart also shows this increase coinciding with SOL maintaining levels near the $195 to $200 range, reinforcing the idea that major investors are using sideways price action to build positions. While this does not guarantee immediate upside, the steady growth in large holder addresses adds a layer of underlying strength to Solana’s market structure, potentially supporting future attempts to break higher resistance levels.

A fresh chart from TraderSZ highlights a potential reversal zone for Solana, with price currently hovering near a blue demand block that has acted as support in recent sessions. The setup suggests that a rebound from this area could reignite bullish momentum, especially given the prior breakout above a descending trendline earlier this month. Maintaining structure above $185 to $175 would be key.

Solana hovers near a key demand block, with bulls eyeing a potential rebound toward $259. Source: TraderSZ via X

If buyers step in and defend this demand zone, the next leg higher could target the $259 level, which lines up with a major horizontal resistance from earlier in the year. A clean break above intermediate resistance around $215 would likely confirm the move, paving the way for a sustained rally towards that target

The chart from analyst Deep Blue outlines Solana’s price action within a broad ascending channel that has guided its trend since early 2023. Price has repeatedly respected both the upper and lower bounds of this structure, with each mid-channel consolidation phase followed by an extension toward the upper trendline. This fractal pattern suggests that the current consolidation could be part of a recurring cycle seen throughout the past two years.

Solana’s price action continues to track a long-term ascending channel, with consolidation hinting at another move toward the upper trendline. Source: Deep Blue via X

Notably, the recent breakout from a shorter-term consolidation within the channel mirrors earlier formations in 2023 and 2024, where price first reclaimed the midline before trending higher. As long as Solana holds above its mid-channel support, the technical framework points to continued movement within this long-term rising structure, keeping the broader trend intact.

Solana’s current setup blends steady technical strength with growing confidence from big players. The long-term ascending channel, midline support, and consistent higher lows all point to a market that’s building pressure rather than losing steam. Add in the on-chains with record accumulation from large holders, and it’s clear the smart money is treating this consolidation as an opportunity, not a warning sign.

While the SEC’s delay may have slowed immediate excitement, it hasn’t dented the bigger picture. The fractal channel structure, strong support zones, and on-chain growth all suggest Solana’s uptrend is still alive and well. If momentum aligns with the next round of ETF headlines, price could be setting up for a bullish Solana price prediction.